E3-3 Concordia Industries Ltd. collected 112,000 from customers in 2017. Of the amount collected, 30,000 was from revenue accrued from services performed in 2016. In addition, Concordia recorded 44,000 of revenue in 2017, which will not be collected until 2018. Concordia Industries also paid 72,000 for expenses in 2017. Of the amount paid, 27,000 was for expenses incurred on account in 2016. In addition, Concordia incurred 37,000 of expenses in 2017, which will not be paid until 2018. Instructions (a) Compute 2017 cash-basis net income. (b) Compute 2017 accrual-basis net income