Top Value Services was founded on January 2 and offers computer consulting and other technology-related services. During its first quarter of operations, the following events occurred: (Click the icon to view the events.) Requirement Determine Top Value's net income for each month from January through March under both the cash and the accrual bases of accounting. Explain any difference in total net income under cash versus accrual accounting for the three months. ... Begin by computing the amount of revenue to be recognized for each event under the cash and the accrual bases of accounting. Begin with January, then continue with February and March. (Select the event by letter reference and enter the amounts that should be recognized for it as a net amount: do not record the same letter reference twice.) Revenue Recognition Events Month Cash Basis Accrual Basis January . , a. In January, Top Value provided and billed clients for $55,000 of consulting services. It was paid for these services in March b. In January, Top Value collected $61,000 from clients for services provided during the month. February c. In February, Top Value provided and billed clients for $48,000 of consulting services. It collected $13.000 in the current month and the remaining amount in March. d. In March, Top Value collected $32,000 from clients for services provided March during the month and billed clients for an additional $35,000 for services provided e. Top Value pays employees at the end of each month for service provided. Monthly payroll was $14,000. $10,000, and $11,000 in January February, and March, respectively Next compute the expenses to be recognized for each event under the cash and the accrual bases of accounting. Begin with January, then continue with February and March t. Top Value pays its utility bills at the end of each month. Utility bills totaled $1,000, $950, and $750 in January, February, and March, respectively Expense Recognition 9. Top Value hired an independent contractor who provided $1,450 of services in February. The contractor was paid in March Month Cash Basis Accrual Basis January HA Print Done February March Calculate Top Value's net income or net loss for each month from January through March under both the cash and the accrual bases of accounting. (Use parentheses or a minus sign for a net loss.) Net Income (Loss) Month Cash Basis Accrual Basis January February March Total Total net income over the three months is under the accrual basis due to