4.9. Oak Street Clinic, a not-for-profit, began 2020 with the following account balances on January 1: Cash $ 70,000 Accounts receivable 227,000 Supplies inventory 24,000 Equipment 1,500,000 Accumulated depreciation 300,000 Accounts payable 21,000 Notes payable 500,000 1,000,000 Net assets During 2020, the accounting clerk recorded the following transactions: 1. Billed patients for services rendered $1,700,000 2. Purchased medical supplies on credit 12,000 3. Employee salaries earned 712,000 4. Employee salaries paid 683,000 5. Annual depreciation on equipment 150,000 6. Received a bank loan 250,000 7. Cash collections on patient billings 1,124,000 8. Made payment on bank loan 9. Used medical supplies in patient care 75,000 10,000 Oak Street Clinic's year-end is December 31. Construct the 2020 balance sheet and income statement for the clinic, using the beginning account balances and incorporating the effects of each transaction. Hint: It may be helpful to review the chapter supplement before completing this problem.