Tiger Consulting began operations on January 1 and Cash flows during the first year of operations were as follows: Cash collected from customers, $300,000; Cash paid to employees, $120,000; Cash paid for rent $50,000. The rent payment was made on January 1 of the first year and covered a two-year period. Which of the following is False about first year? Accrual basis net income for the first year is less than Cash basis income Cash basis revenue is $300,000 Cash basis expense is $170,000/ Accrual basis expenses is $145,000