General Electric Company is preparing its financial statements for 2023. The financial data includes:

Transactions (in $ millions)	Amount
Cash Sales	1,800,000
Credit Sales	900,000
Cash Payments	800,000
Accounts Receivable	220,000
R&D Expenses	700,000
Estimated Warranty Costs	130,000

Requirements:

• Prepare General Electric Company's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated warranty costs on financial statements.
• Analyze the treatment of accounts receivable and R&D expenses under the conservatism principle.