Sparrow Fine Cooking maintains its books using cash-basis accounting. However, the company recently borrowed $44,200 from a local bank, and the bank requires the company to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2024, the company records the following cash flows: Cash collected from customers $58,500 Cash paid for: Salaries $21,400 Supplies 7,400 Repairs and maintenance 6,400 Insurance 2,400 Advertising 6,600 44,200 Net cash flows $14,300 You are able to determine the following information: January 1, 2024 December 31, 2024 Accounts Receivable $14,800 $11,400 Prepaid Insurance 900 2,600 Supplies 0 1,200 Salaries Payable 2,600 2,000 Required: Prepare an accrual-basis income statement for December 31, 2024, by calculating accrual-basis revenues and expenses