1. ABC Fashion Store sells clothing and accessories. Financial transactions for 2023 are as follows:

Transactions (in $)	Amount
Cash Sales	150,000
Credit Sales	50,000
Cash Payments	100,000
Accounts Receivable	30,000
Inventory Purchases	80,000
Estimated Inventory Obsolescence	5,000

1. Requirements:
   • Prepare ABC Fashion Store's income statement for 2023 using the modified cash basis.
   • Calculate net income considering the conservatism principle.
   • Discuss the impact of estimated inventory obsolescence on financial statements.
   • Analyze how conservatism principle affects the treatment of accounts receivable.