ABC Realty develops and sells residential properties. Financial transactions for 2023 are provided below:

Transactions (in $ millions)	Amount
Cash Sales	300.0
Credit Sales	100.0
Cash Payments	200.0
Accounts Receivable	75.0
Construction Costs	150.0
Estimated Future Repairs	25.0

Requirements:

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