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2. Hal Smith opened Smith’s Management Company on March1 of the current year. During March, the following transactionsoccurred and were recorded in the company'sbooks:1. Smith invested $10,000 cash in the business.2. The company paid $5,200 for salaries for the month.3. The company paid $1,600 cash to rent office space for themonth.4. Smith withdrew $5,000 for his personal use from thecompany.5. The company received $19,000 cash for management servicesprovided during March.6. The company provided $12,000 of management services to customerson account.7. The company paid cash of $500 for monthly utilities.8. The company received $3,100 cash in advance of providingmanagement services to a customer.Based on this information, accrual basis net income for Marchwould be:_____________________Based on this information, cash basis net income for March wouldbe:_____________________