ABC Restaurant Chain operates multiple outlets. Financial transactions for 2023 are detailed below:

Transactions (in $ millions)	Amount
Cash Sales	100.0
Credit Sales	30.0
Cash Payments	70.0
Accounts Receivable	25.0
Food Supplies Purchases	40.0
Estimated Food Waste	6.0

Requirements:

• Prepare ABC Restaurant Chain's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated food waste on financial statements.
• Analyze the treatment of accounts receivable and food supplies purchases under the conservatism principle.