ABC Education provides online courses. Financial transactions for 2023 are as follows:

Transactions (in $ millions)	Amount
Cash Receipts	60.0
Credit Sales	25.0
Cash Payments	40.0
Accounts Receivable	20.0
Course Development Costs	30.0
Estimated Course Refunds	5.0

Requirements:

• Prepare ABC Education's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated course refunds on financial statements.
• Analyze the treatment of accounts receivable and course development costs under the conservatism principle.