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Lorango Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Lorango had $110,000 in

Lorango Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Lorango had $110,000 in cash-basis pretax income for 2024. The following information pertains to Lorango's balance sheets for December 31, 2023 and 2024: 2023 2024 Inventory 51,000 40,000 Wages Payable 13,000 6,000 Under the accrual method, what amount of income before taxes should Lorango report in its December 31, 2024 income statement?  

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