Exercise 2-18 (Algo) Cash versus accrual accounting [LO2-9] S\&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $110,000 from a local bank, and the bank requires S\&J to provide annual financial statements prepared on an accrual basis. During 2024 , the following cash flows were recorded: You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities: In addition, you learn that the bank loan was dated September 30, 2024, with principal and interest at 6% due in one year. Depreciation on the company's equipment is $11,000 for the year. Required: Prepare an accrual basis income statement for 2024. (Ignore income taxes.)