For the just completed year, Hanna Company had net Income of $134.000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 60,000 $ 160,000 $ 435,000 $ 12,400 $ 76,eee $ 194,000 $ 355,eee $ 14,000 $ 358, eee $ 392,000 $ 8,580 $ 12,90 $ 34,600 $ 29, eee The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any galns or losses during the year. The company's income statement for the year appears below. Sales Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income taxes Net Income $1,288,eee 595,00 485,000 308, eee 177,000 43,00 $ 134, eee Required: Using the direct method, convert the company's Income statement to a cash basis. (Adjustment amounts that are to be deducted should be indicated with a minus sign.)