Farmer & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. Required: Prepare an accrual basis income statement for 2024. (Place your Accrual Income Stmt in Box to the right) Show all calculations. Farmer & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2024 $350,000 $150,000 65,000 40,000 25,000 280,000 $70,000 o Cash receipts from customers 1 Cash payments: 2 Wages 13 Taxes 14 Insurance 15 Interest 16 Net income 17 18 Additional information: 19 20 21 Accounts receivable 22 Wages payable 23 Taxes payable 24 Prepaid insurance 25 Accumulated depreciation 26 Interest payable 27 No plant assets were sold during 2024. Balances at 12/31 2024 2023 $50,000 $30,000 15,000 20,000 14,000 19,000 8,000 4,000 95,000 75,000 3,000 9,000