Intel Corporation is preparing its financial statements for 2023. The financial data includes:

Transactions (in $ millions)	Amount
Cash Sales	2,000,000
Credit Sales	1,000,000
Cash Payments	850,000
Accounts Receivable	230,000
Manufacturing Costs	800,000
Estimated Product Defects	140,000

Requirements:

• Prepare Intel Corporation's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated product defects on financial statements.
• Analyze the treatment of accounts receivable and manufacturing costs under the conservatism principle.