You are the auditors of Tomas Inc. Tomas Inc. maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. Your team of auditors have provided you with the following information: Tomas Inc. Income Statement (Cash Basis) For the Year Ended December 31, 2020 Cash receipts from customers Cash payments: Wages Taxes Insurance Interest $ 900,000 $ 210,000 65,000 40,000 25,000 340,000 Net income Additional information: Accounts receivable $ 560,000 Balance at 12/31 2020 2019 70,000 50,000 Wages payable 120,000 80,000 Prepaid insurance 90,000 80,000 Taxes payable 25,000 19,000 Property, plant, equipment 250,000 100,000 Accumulated depreciation 110,000 75,000 Interest payable 10,000 14,000 Prepare a full accrual income statement.