S\&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $190,000 from a local bank, and the bank requires S\&J to provide annual financial statements prepared on an accrual basis. During 2024, the following cash flows were recorded: You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities: In addition, you learn that the bank loan was dated September 30,2024 , with principal and interest at 6% due in one year, Depreciation on the company's equipment is $19,000 for the year. Required: Prepare an accrual basis income statement for 2024. (Ignore income taxes.) S\&J LAWN SERVICE COMPANY Income Statement For the Year Ended December 31, 2024