Universal Bakery started 12 months ago as a supplier of gluten-free desserts to restaurants all over the province. During its first year of operations it earned $80,000 in revenues and $69,000 in expenses. The business collected $76,000 from its customers and paid all but $3,500 to its suppliers. Universal also prepaid $7,500 for prepaid rent and other expenses for the next year. Calculate the net income under the cash basis and then under the accrual basis. Begin by caiculating net income for the cash basis, then the accrual basis