Your audit of SINIBAK PHARMA disclosed that the company failed to recognize accruals and prepayments since the inception of its business three years ago. The earnings before tax, accrual and prepayment of 2020 are given below: Earnings before tax 1,500,000 Items not recognized at year-end were as follows Rent revenue collected in advance 60.000 Interest receivable 15,000 Prepaid insurance 20.000 Accrued salaries 45.000 The correct earnings before tax should be presented in the income statement is