Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the companys accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2024:

Cash receipts:
From customers	$ 675,000
Interest on note	4,000
Loan from a local bank	100,000
Total cash receipts	$ 779,000
Cash disbursements:
Purchase of inventory	$ 390,000
Annual insurance payment	6,000
Payment of salaries	210,000
Dividends paid to shareholders	10,000
Annual rent payment	24,000
Total cash disbursements	$ 640,000

Selected balance sheet information:

	12/31/2023	12/31/2024
Cash	$ 25,000	$ 164,000
Accounts receivable	62,000	92,000
Inventory	80,000	62,000
Prepaid insurance	2,500	?question mark
Prepaid rent	11,000	?question mark
Interest receivable	3,000	?question mark
Note receivable	50,000	50,000
Equipment	100,000	100,000
Accumulated depreciation	(40,000)	(50,000)
Accounts payable (for inventory)	110,000	122,000
Salaries payable	20,000	24,000
Notes payable	0	100,000
Interest payable	0	?question mark

Additional information:

On March 31, 2023, Zambrano lent a customer $50,000. Interest at 8% is payable annually on each March 31. Principal is due in 2027.

The annual insurance payment is paid in advance on April 30. The policy period begins on May 1.

On October 31, 2024, Zambrano borrowed $100,000 from a local bank and signed a note promising repayment. Principal and interest at 6% are due on October 31, 2025.

Annual rent on the companys facilities is paid in advance on June 30. The rental period begins on July 1.

Required:

Prepare an accrual basis income statement for 2024 (ignore income taxes).

Determine the following balance sheet amounts on December 31, 2024: