Difference between expenditures and expenses Based on the information shown below, calculate for the year ended December 31, 2021,

(a) the total amount of expenditures that would be recognized when using the current financial resources measurement focus and modified accrual basis of accounting, and

(b) the total amount of expenses that would be recognized using the economic resources measurement focus and accrual basis of accounting.

Salaries paid in cash during 2021 $3,000,000

Salaries applicable to 2021, due to be paid January 5, 2022 $20,000

Utility bill applicable to 2021, due to be paid January 10, 2022 $10,000

Equipment acquired at the beginning of 2021 and having an estimated useful life of 10 years $200,000

Payment of principal on long-term debt on December 31, 2021 $100,000

Payments of interest on long-term debt on December31, 2021 $40,000

ExpenditureExpense Financial resources measurement focusEconomic resources measurement focusSalaries paid in cash during 2021 Salaries applicable to 2021, due to be paid January 5, 2022 Utility bill applicable to 2021, due to be paid January 10, 2022 Equipment adquired at the beginning of 2021 and having an estimated useful life of 10 years Payments of principals on long-term debt on December 31, 2021 Payments of interest on long-term debt on December 31, 2021 Totals