P32B Horned Frogs Fine Cooking maintains its books using cashbasis accounting. However, the company recently borrowed $50,000 from a local bank, and the bank requires the company to provide annual nancial statements prepared using accrualbasis accounting as part ofthe creditworthiness verication. Dun'ng 2018, the company records the following cash flows: Cash collected from customers $65,000 Cash paid for: Salaries $23,000 Supplies 9,000 Repairs and maintenance 8,000 Insurance 4,000 Advertising 6 000 50 000 Net cash flows 15 000 You are able to determine the following information: January 1. 2018 December 31, 2018 Accounts Receivable $10,000 $13,000 Prepaid insurance 1,700 4,200 Supplies 0- 2,000 Salaries Payable 4,200 2,800 Required: Prepare an accrualbasis income statement for December 31, 2018, by calculating accrualibasis revenues and expenses