Using the following information compute the accrual basis income for the three months ended March 31, 2019. Accounts receivable balance-January 2019 Cash collections January-March 2019 Accounts receivable balance March 31, 2019 $175,000 $525,000 $215,000 *There were no Accounts Receivable write-offs during the period* Accounts Payable balance January 1, 2019 Payments on accounts payable for all expenses January- March 2019 Accounts Payable balance March 31, 2019 $56,000 $178,000X $62,000 Payroll each month is paid in the following month: Payroll was paid as follows: a. January b. February $18,000 $19,000 $15,000 $22,000 8.0s037.o c. March . d. April The company had two insurance policies: e. Property Insurance - Policy period July 1, 2018-June 30, 2019 i. Premium $5,000 o8, 33 o8,55 . Prepaid balance December 31, 2018 $2,5006 4t621 f. Business Interruption - Policy period January 1, 2019- December 31, 2019 i. Premium Paid in January $6,000