River bed Company prepared the following income statement using the cash basis of accounting: 1. Depreciation on a company automobile for the year amounted to $8,540. This amount is not included in the expenses above. 2. On January 1, 2021, paid for a two-year insurance policy on the automobile amounting to $2,016. This amount is included in the e Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles