Haddock Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Haddock to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2024, the company records the following cash flows:

Cash collected from customers		$64,000
Cash paid for:
Salaries	$35,400
Supplies	3,400
Rent	4,400
Insurance	6,400
Utilities	2,400	52,000
Net cash flows		$12,000

You are able to determine the following information:

	January 1, 2024	December 31, 2024
Accounts Receivable	$ 20,400	$ 22,800
Prepaid Insurance	0	3,400
Supplies	4,400	1,700
Salaries Payable	2,400	3,800

Required: Prepare an accrual-basis income statement for the year ended December 31, 2024, by calculating accrual-basis revenues and expenses.