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$ 690,000Interest on note4,240Loan from a local bank115,000Total cash receipts$ 809,240Cash disbursements: Purchase of inventory$ 393,000Annual insurance payment6,360Payment of salaries213,000Dividends paid to shareholders10,000Annual rent payment25,500Total cash disbursements$ 647,860

Selected balance sheet information:

12/31/202312/31/2024Cash$ 26,500$ 187,880Accounts receivable63,50095,000Inventory83,00063,500Prepaid insurance2,800?question markPrepaid rent11,300?question markInterest receivable3,180?question markNote receivable53,00053,000Equipment115,000115,000Accumulated depreciation(41,500)(53,000)Accounts payable (for inventory)111,500125,000Salaries payable20,30024,600Notes payable0115,000Interest payable0?question mark

Additional information:

1. On March 31, 2023, Zambrano lent a customer $53,000. Interest at 8% is payable annually on each March 31. Principal is due in 2027.
2. The annual insurance payment is paid in advance on April 30. The policy period begins on May 1.
3. On October 31, 2024, Zambrano borrowed $115,000 from a local bank and signed a note promising repayment. Principal and interest at 6% are due on October 31, 2025.
4. 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: