XYZ Restaurant Chain operates multiple outlets. Financial transactions for 2023 are detailed below:

Transactions (in $ millions)	Amount
Cash Sales	210.0
Credit Sales	60.0
Cash Payments	140.0
Accounts Receivable	50.0
Food Supplies Purchases	90.0
Estimated Food Waste	10.0

Requirements:

• Prepare XYZ Restaurant Chain's income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated food waste on financial statements.
• Analyze the treatment of accounts receivable and food supplies purchases under the conservatism principle.