Blue Spruce Company prepared the following income statement using the cash basis of accounting: BLUE SPRUCE COMPANY Income Statement, Cash Basis For the Year Ended December 31, 2021 Service revenue (does not include $32,800 of services rendered on account because the collection will not be until 2022) Expenses (does not include $16,400 of expenses on account because payment will not be made until 2022) Net income Additional data: 1. Depreciation on a company automobile for the year amounted to $6,300. This amount is not included in the expenses above. 2. On January 1,2021, paid for a two-year insurance policy on the automobile amounting to $1,600. This amount is included in the e Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles. Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles