MNO Online sells consumer goods. Financial transactions for 2023 are as follows:

Transactions (in $ millions)	Amount
Cash Sales	250.0
Credit Sales	100.0
Cash Payments	180.0
Accounts Receivable	90.0
Inventory Purchases	120.0
Estimated Product Returns	20.0

Requirements:

• Prepare MNO Online's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated product returns on financial statements.
• Analyze the treatment of accounts receivable and inventory purchases under the conservatism principle.