Hooper Company prepared the following income statement using the cash basis of accounting: Depreciation on a company automobile for the year amounted to $7,000. This amount is not included in the expenses above. On January 1, 2013, paid for a two year insurance policy on the automobile amounting to $1,600. This amount is included in the expenses above. Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles