Boeing is preparing its financial statements for 2023. The financial data includes:

Transactions (in $ millions)	Amount
Cash Sales	3,000,000
Credit Sales	1,500,000
Cash Payments	1,000,000
Accounts Receivable	260,000
Production Costs	1,200,000
Estimated Airplane Recalls	170,000

Requirements:

• Prepare Boeing's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated airplane recalls on financial statements.
• Analyze the treatment of accounts receivable and production costs under the conservatism principle.