Raintree Corporation 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, 2024: Cash receipts: From customers Interest on note Issue of common stock Total cash receipts Cash disbursements: Purchase of inventory Annual insurance payment Payment of salaries Dividends paid to shareholders Annual rent payment Total cash disbursements Selected balance sheet information: Cash Accounts receivable Inventory Prepaid insurance Prepaid rent Interest receivable Note receivable $ 455,000 3,120 50,000 $ 508,120 $ 222,000 9,000 182,000 8,000 14,000 $ 435,000 12/31/2023 $ 27,000 44,000 62,000 4,000 9,000 1,560 52,000 154,000 (42,000) 52,000 22,000 220,000 12/31/2024 $ 100, 120 0 74,000 86,000 ? ? ? 52,000 154,000 (59,000) 66,000 32,000 270,000 6,000 Equipment Accumulated depreciation Accounts payable (for inventory) Salaries payable Common stock Dividends Additional information: 1. On June 30, 2023, Raintree lent a customer $52,000. Interest at 6% is payable annually on each June 30. Principal is due in 2027. 2. The annual insurance payment is made in advance on March 31. 3. Annual rent on the company's facilities 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: