327 Coffee Express maintains its records on the cash basis. You have been hired to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Cash receipts from customers Cash payments: Coffee Salaries and wages Insurance Interest Net income 327 Coffee Express (sole proprietorship) Income Statement (Cash Basis) For the Year Ended December 31, 2019 $425,000 $170,000 65,000 40,000 25,000 300,000 $125.000 Additional information: Balances at 12/31 2019 2018 Accounts receivable $50,000 $30,000 Inventory Coffee 10,000 20,000 Salaries and Wages payable 24,000 19,000 Prepaid insurance 8,000 4,000 Accumulated depreciation 95,000 80,000 Interest payable 3,000 9,000 No plant assets were sold during 2019. Required: Prepare a multi-step income statement using the accrual basis of accounting on the next page. You have space below, and at the top of the next page to make your calculations. Do not put your calculations in the body of the Income Statement.