10 of 10 Sheffield Company prepared the following income statement for its first year of operations using the cash basis of accounting: SHEFFIELD COMPANY Income Statement, Cash Basis For the Year Ended December 31, 2024 Service revenue (does not include $40,000 of services rendered on account because the collection will not be until 2025) Expenses (does not include $20,000 of expenses on account because payment will not be made until 2025) $402,800 Net income Additional data: Depreciation on a company automobile for the year amounted to $7,560. This amount is not included in the expenses above. On January 1,2024 , paid for a two-year insurance policy on the automobile amounting to $1,536. This amount is included in the e