7 Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $140,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded 10 points $360, eee $184.000 Cash collected for: Services to customers Cash paid for: Salaries Supplies Rent Insurance Miscellaneous Net operating cash flow Rook 13,000 10,000 24,000 260,eee $1ee, een You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities January 1, 2021 $36,600 @ 1,400 Accounts receivable Prepaid insurance Supplies Accrued liabilities (for niscellaneous expenses) December 31, 2021 $29,00 2,480 1,700 References 2,800 3,600 In addition, you learn that the bank loan was dated September 30, 2021, with principal and interest at 6% due in one year. Depreciation on the company's equipment is $14,000 for the year. Required: Prepare an accrual basis income statement for 2021 (Ignore income taxes) STANLEY AND JONES LAWN SERVICE COMPANY Income Statement For the Year Ended December 31, 2021 Mc G