Diana & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Diana & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2020 Cash receipts from customers $350,000 Cash payments: Salaries and wages $120,000 Income taxes 25,000 Utilities and Rent 60,000 Net income -2.050,000 $125.000 Additional information: Balances at 12/31 2020 2019 Accounts receivable $40,000 $60,000 Salaries and wages payable 30,000 20,000 Income taxes payable 24,000 20,000 Utilities and Rent Payable 4,000 8,000 Accumulated Depreciation 82,000 70,000 No plant assets were sold during 2020. Compute net income under accrual basis.