Prepare accrual basis income statement. Show calculations.

$350,000 10 Cash receipts from customers 11 Cash payments: 12 Wages | 13 Taxes 14 Insurance 15 Interest 16 Net income $150,000 65,000 40,000 25,000 280,000 $70,000 18 Additional information: 19 20 21 Accounts receivable 22 Wages payable 23 Taxes payable 24 Prepaid insurance 25 Accumulated depreciation 26 Interest payable 27 No plant assets were sold during 2024. 28 Balances at 12/31 2024 2023 $50,000 $30,000 15,000 20,000 14,000 19,000 8,000 4,000 95,000 75,000 3,000 9,000