Dominion Storage operates approximately 300 mini-warehouses across Canada. The company's headquarters are in Medicine Hat, Alberta. During 2017, Dominion earned rental revenue of $26.0 million and collected cash of $23.6 million from customers. Total expenses for 2017 were $17.4 million, of which Dominion paid $15.9 million.
Required
1. Apply the recognition criteria for revenues and the matching objective to compute Dominion Storage's net income for 2017.
2. Identify the information that you did not use to compute Dominion Storage's net income. Give the reason for not using the information.