Cardinal Fine Cooking maintains its books using cash-basis accounting. However, the company recently borrowed $47,000 from a local bank, and the bank requires the company to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2024, the company records the following cash flows: Cash collected from customers Cash paid for: Salaries Supplies Repairs and maintenance $22,400 8,400 $59,000 Insurance Advertising Net cash flows You are able to determine the following information: Accounts Receivable Prepaid Insurance Supplies Salaries Payable 7,400 3,400 5,400 47,000 $12,000 January 1, 2024 $16,000 December 31, 2024 $12,400 1,400 3,600 0 1,700 3,600 2,500 Required: Prepare an accrual-basis income statement for December 31, 2024, by calculating accrual-basis revenues and expenses. CARDINAL FINE COOKING Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses 0