ABC Builders constructs residential properties. Financial transactions for 2023 are detailed below:

Transactions (in $ millions)	Amount
Cash Receipts	75.0
Accounts Receivable Collected	10.0
Cash Payments	60.0
Accounts Payable Paid	20.0
Construction Costs	50.0

Requirements:

• Prepare ABC Builders' income statement for 2023 using the modified cash basis.
• Calculate the net income, considering cash receipts, payments, and collections from accounts receivable.
• Discuss the treatment of construction costs and payments to accounts payable under the modified cash basis.
• Analyze the impact of including accounts receivable collected on financial statements.