Switch income statement from accrual basis accounting to cash basis accounting. Find cash basis net income.

Aspen Ridge Income Statement For year ending December 31, 2020 Sales 3,400,000 Sales Returns and Allowances (80,000) Cost of Goods Sold (2,650,000) Gross Profit from Operations 670,000 Other Income: Interest from Illinois State Bonds Interest from IBM Corporate Bonds Royalties on Patents Dividend Income (Qualified) Long-term Capital Gain from Stock Gross Income 3,000 2,000 28,000 15,000 25,000 743,000 Expenses: Employee wages Bad Debts Miscellaneous Expense Rent on retail building Depreciation Advertising Guaranteed payments to Mark Sullivan Utilities Accounting and legal services Air Travel Political Costs Fines and Penalties Charitable Contributions Total Expenses Net Income for Books 300,000 30,000 8,000 18,500 15,000 16,000 50,000 8,500 7,000 4,000 1,000 3,000 5,000 (466,000) $ 277,000