S&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $$290,000$ 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:

Cash collected for: Services to customers $ $510,000$

Cash paid for:

Salaries $ $199,000$

Supplies $44,000$

Rent $28,000$

Insurance $11,000$

Miscellaneous $39,000321,000$

Net operating cash flow $ $189,000$

You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities:

January $1,2024$ December $31,2024$

Accounts receivable $ $40,000$ $ $31,000$

Prepaid insurance $03,900$

Supplies $2,9003,500$

Accrued liabilities

$($for miscellaneous expenses$)4,3006,600$

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$$s equipment is $$18,000$ for the year.

Required:

Prepare an accrual basis income statement for $2024.($Ignore income taxes.$)$