The following is selected information from Majan Corporation for the fiscal year ending March 31, 2011. Cash received from customers $24,000 from previous years accrued revenue; Revenue earned 28.000; Cash paid for expenses 13,600 for previous accrued expenses; Cash paid for computers on April, 2010 3,840 that will be used for 3 years (annual depreciation is $1,280); Expenses incurred, not including any depreciation 16,000; Proceeds from a bank loan, part of which was used to pay for the computers 8,000; Based on the accrual basis of accounting, what is Majan Corporation's net income for the year ending March 31, 2011? Select one: O a. $9,120 O b. $12,000 O C.$10,720. o d. $6,560 red Majan Company purchased a machine for $2,160 on January 1, 2011. The company expects to use the machine for 6 years. It has no residual value. Monthly depreciation expense on the asset is 1.00 tion Select one: O a $360 ob.$0. c $30 o d. $2,160