Lambrano vvnoiesaie Corporation maintains Its recoras on a casn Dass. At tne end or eacn year tne company s accountant odtans the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2024: Selected balance sheet information: Additional information: 1. On March 31,2023 , Zambrano lent a customer $59,000. Interest at 8% is payable annually on each March 31 . Principal is due in 2027. 2. The annual insurance payment is paid in advance on April 30. The policy period begins on May 1. 3. On October 31,2024 , Zambrano borrowed $80,000 from a local bank and signed a note promising repayment. Principal and interest at 6% are due on October 31, 2025. 4. Annual rent on the company's facilities is paid in advance on June 30. The rental period begins on July 1. Required: 1. Prepare an accrual basis income statement for 2024 (ignore income taxes). 2. Determine the following balance sheet amounts on December 31, 2024