Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2013: Cash receipts: From customers $690,000 4,240 nterest on note Loan from a local bank 5,000 Total cash receipts $809,240 Cash disbursements Purchase of merchandise $393,000 6,360 Annual insurance payment Payment of salaries 213,000 Dividends paid to shareholders 0,000 Annual rent payment 25,500 $647,860 Total cash disbursements Selected balance sheet information: 2/31/12 2/31/13 Cash S 26,500 S187,880 Accounts receivable 63,500 95,000 83,000 63,500 nventory Prepaid insurance 2,800 Prepaid rent 1,300 Interest receivable 3,180 Note receivable 53,000 53,000 Equipment 115,000 115,000 Accumulated depreciation-equipment 41,500 53,000 Accounts payable (for merchandise) 111,500 125,000 Salaries payable 20,300 24,600 Note payable 115,000 Interest payable Additional information: 1. On March 31, 2012, Zambrano lent a customer $53,000. Interest at 8% is payable annually on each March 31. Principal is due in 2016. 2. The annual insurance payment is made in advance on April 30. The policy period begins on May 1. 3. On October 31, 2013, Zambrano borrowed $115,000 from a local bank. Principal and interest at6% are due on October 31, 2014 4.Annual rent on the company's facilities is paid in advance on June 30. The rental period begins on July 1 Required 1. Prepare an accrual basis income statement for 2013 (ignore income taxes). Answer is not complete