Selected Balance Sheet Entries Line No. if Use on I/S (4) 12/31/2019 Adjustment 8,000 Assets: Accounts Receivable Supplies Inventories - completed goods Prepaid Expenses Market Value of Brewery Investment Market Value of all Real Estate 5,000 16,000 29,000 65,000 12/31/2020 8,000 5,500 21,000 31,000 68,000 450,000 Liabilities: Current Portion of Deferred Taxes Accounts Payable Notes payable within 1 year Accrued interest (current and non-cun) Accrued income and soc. sec. taxes Other accrued expenses and items 10,872 8,000 10,000 9,500 21,000 2,500 16,897 6,000 15,000 12,300 28,000 1,900 (27) (14) (1) (6) Other Items/transactions: Cost of land purchased in 2020 Cost of buildings purchased in 2020 Cash tax expenses paid in 2020 Cash interest expense paid in 2020 Cash sales for 2020 Cash operating expenses for 2020 Cost of machinery and equipment purchased in 2020 Total depreciation expense taken in 2020 Used equipment with a tax basis of $15,000 sold in 2020 for $10,000 Dividends received from brewery investment for 2020 Amount 140,000 300,000 67,000 18,800 910,000 660,000 70,000 40,000 ??? 2,500 Complete the I/S and the worksheet included in the Excel template. Some items are already completed for you. Compute all subtotals and income measures. Explain the difference between cash and accrual accounting methods and why the differences between a cash and accrual income statement can be very significant. Define Accrual Adjustments and explain why they are needed on an accrual based income statement Given the balance sheet and transaction information given above, what major investment purchase was made by the Illini Tap in 2020? 1 List all items NOT used in completing the accrual based income statement for the Illini Tap and briefly describe why they were not used in preparing the I/S