ABC Company uses cash-basis accounting for its records. During Y1,ABC collected $600,000 from its customers, made payments of $280,000 to its suppliers for inventory, and paid $194,000 for operating costs. ABC wants to prepare accrual-basis financial statements. In gathering information for the accrual-basis financial statements, ABC discovered the following: Customers owed ABC$60,000 at the beginning of Y1 and $42,500 at the end of Y1. ABC owed its inventory suppliers $27,000 at the beginning of Y1 and $34,200 at the end of Y1. -ABC's beginning inventory balance was $54,000, and its ending inventory balance was $52,700. ABC had prepaid rent and insurance expense balance of $6,000 at the beginning of Y1 and $8,600 at the end of Y1. ABC had an