Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $280,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: Cash collected for Services to customers Cash paid for Salarien Supplies Rent Insurance Miscellaneous Net operating cash flow $500.000 $198.000 43.000 27.000 10.000 30.000 316,000 $184,000 You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities: Accounts receivable Prepaid insurance Supplies Meerued liabilities for miscellaneous expenses) January 1, 2021 $39.000 o 2.800 December 31, 2021 $30,500 3.800 3,450 4,200 6,400 In addition, you learn that the bank loan was dated September 30, 2021, with principal and interest at 6% due in one year Depreciation on the company's equipment is $17,000 for the year Required: Prepare an accrual basis income statement for 2021. (ignore income taxes STANLEY AND JONES LAWN SERVICE COMPANY Income Statement For the Year Ended December 31, 2021 M In addition, you learn that the bank loan was dated September 30, 2021, with principal and interest at 6% due in one year. Depreciation on the company's equipment is $17,000 for the year. Required: Prepare an accrual basis income statement for 2021. (Ignore income taxes.) STANLEY AND JONES LAWN SERVICE COMPANY Income Statement For the Year Ended December 31, 2021 ces Operating expenses 0 0 Total operating expenses Operating income Other exponse: + $ 0 Not income