Multiple Statements. The following are account balances for Burlington HMO (in ’000). Prepare:

(a) balance sheet; and

(b) income statement for the year ended December 31, 20X0.

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Income Tax Benefit of Operating Loss $7,500 Net Property and Equipment $22,000 Physician Services Expense $35,000 Premium Revenue $90,000 Marketing Expense $8,000 Compensation Expense $17,000 Interest Income and Other Revenue $20,000 Outside Referral Expense $15,000 Medicare Revenue $25,000 Occupancy and Depreciation Expense $4,000 Current Portion of Long-term Debt $3,200 Accounts Receivable $6,100 Emergency Room Expense $7,000