During 2020, Valley Sales Inc. earned revenues of \(\$ 500,000\) on account. Valley Sales collected \(\$ 410,000\) from customers during the year. Expenses totalled \(\$ 420,000\), and the related cash payments were \(\$ 400,000\). Compute Valley Sales Inc.'s net income using both the cash basis and accrual basis of accounting. If you were thinking of investing in Valley Sales, which basis would you want the company to use to determine its net income and why?