Use the following to answer questions 5-6 Following is a February transaction for a company. Calculate the amount of expense to recognize in February. In February the company paid their employees $12,500; $10,000 for work performed in February and $2,500 for work performed in January. 5. Accrual basis expense: $ 6. Cash basis expense: $ Use the following to answer 7-8 Following is a February transaction for a company. Calculate the amount of revenue to recognize in February. In February the company received $45,000 cash from customers for services; $40,000 was provided this month and $5,000 is to be provided next month 7. Accrual basis revenue: $ 8. Cash basis revenue: $