9 Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary Information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021: 01:58:37 $500,000 2,400 50,000 $552,400 Cash receipts: From customers Interest on nota Issue of common stock Total cash receipta Cash disbursements Purchase of merchandise Annonl insurance payment Payment of salaries Dividends paid to shareholders Annual rent payment Total cash disbursements $230,000 7,000 190,000 9.000 16,000 5452,000 Selected balance sheet information: Cash Mont cecevable Inventory Prepaid nurance Prepaid rent Toteront receivable Not receivable quipment Neumlated depreciation equipment Accounts payable to mergandi) Balariee payable Common stock Dividende 12/31/2020 $ 35,000 52.000 70,000 4.000 7.000 1,200 60,000 170,000 (50,000 10,000 20,000 300.000 12/31/2021 5.111.000 90.000 102,000 2 2 2 60,000 170.000 175.000 12.000 40.000 350.000 10.000 M 9 1. On June 30, 2020, Raintree lent a customer $60,000. Interest at 4% is payable annually on each June 30. Principal is due in 2024. 2. The annual Insurance payment is made in advance on March 31, 3. Annual rent on the company's facilities is peld in advance on September 30. Required: 1. Prepare an accrual basis Income statement for 2021 (ignore Income taxes). 01:58:20 RAINTREE CORPORATION Income Statement For the Year Ended December 31, 2021 0 0 0 $ 0