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

Transactions (in $ millions)	Amount
Cash Sales	3,500,000
Credit Sales	1,750,000
Cash Payments	1,100,000
Accounts Receivable	270,000
Exploration Costs	1,300,000
Estimated Environmental Cleanup	180,000

Requirements:

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