MNO Media produces television content. Financial transactions for 2023 are summarized below:

Transactions (in $ millions)	Amount
Cash Receipts	140.0
Credit Sales	55.0
Cash Payments	90.0
Accounts Receivable	40.0
Production Costs	60.0
Estimated Production Delays	12.0

Requirements:

• Prepare MNO Media's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated production delays on financial statements.
• Analyze the treatment of accounts receivable and production costs under the conservatism principle.