Question: please solve this fast Question # 10 - 5 Points A company records items on the cash basis throughout the year and converts to an

please solve this fast

Question # 10 - 5 Points A company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the following comparative balance sheet information: What amount should the company report as its accrual-based net income for the current year? Prepare the correcting journal entry needed at the end of the year to convert the record into the accrual basis

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