nsaved Question 6 (5 points) Fairfield Landscaping Inc. maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2020: Cash receipts from customers $475,000 Cash paid to employees for salaries 220,000 Cash paid for advertising Cash paid for insurance Cash paid for rent 43,000 30,000 60,000 Selected balance sheet information: 12/31/2019 12/31/2020 Accounts receivable $ 36,000 $ 20,000 Prepaid insurance 4,000 7,000 Prepaid rent 7,000 5,000 Salaries payable 14,000 11,000 Accrued advertising payable 3,000 8,000 Required: Determine the following 2020 accrual basis amounts for Fairfield: a) sales revenue b) insurance expense