Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessa information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 3i, 2024: Selected belance sheet informetion: 1. On June 30, 2023, Raintree lent a customer $69,000. Interest at 8% is payable annually on ench June 70 , Principat is due in 2027. 2. The annual insurance payment is made in advance on March 31 . 3. Annual rent on the company's focilities is paid in advance on September 30. Required: 1. Prepare an accrual basis income statement for 2024 (ignore income taxes) 2. Determine the following balance sheet amounts on December 31,2024 : Complete this question by entering your answers in the tabs below. Propare an accrual basis income statement for 2024 (ignore income taxes). Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessa information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 3i, 2024: Selected belance sheet informetion: 1. On June 30, 2023, Raintree lent a customer $69,000. Interest at 8% is payable annually on ench June 70 , Principat is due in 2027. 2. The annual insurance payment is made in advance on March 31 . 3. Annual rent on the company's focilities is paid in advance on September 30. Required: 1. Prepare an accrual basis income statement for 2024 (ignore income taxes) 2. Determine the following balance sheet amounts on December 31,2024 : Complete this question by entering your answers in the tabs below. Propare an accrual basis income statement for 2024 (ignore income taxes)