Accrual basis.Grier & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: 
Definitions:
Trading Rights
Trading rights pertain to permissions or entitlements granted to individuals, companies, or countries to engage in trade within particular markets or regions, often subject to international agreements and treaties.
Iroquois Nation
A historically powerful confederation of six Native American nations, primarily located in what is now New York and parts of Canada.
Colonists
Individuals who settle in a new land or colony, often establishing a permanent or semi-permanent residence.
Mohawk Land
Refers to territories traditionally inhabited by the Mohawk people, a member of the Iroquois Confederacy, primarily in what is now upstate New York and parts of Canada.
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