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, 2024: Cash receipts: $ From customers 695,000 Interest on note 4,860 Loan from a local bank 120,000 $ Total cash receipts 819,860 Cash disbursements: $ Purchase of inventory 394,000 Annual insurance payment 6,480 Payment of salaries 214,000 Dividends paid to 11,000 shareholders Annual rent payment 26,000 $ Total cash disbursements 651,480 Selected balance sheet information: 12/31/2023 12/31/2024 Cash $27,000 $ 195,380 Accounts receivable 64,000 96,000 Inventory Prepaid insurance 84,000 64,000 2,900 ? Prepaid rent 11,400 ? Interest receivable 3,645 ? Note receivable 54,000 54,000 Equipment 120,000 120,000 Accumulated depreciation (42,000) (54,000) Accounts payable (for inventory) 112,000 126,000 Salaries payable 20,400 24,800 Notes payable 0 120,000 Interest payable 0 ? Additional information: 1. On March 31, 2023, Zambrano lent a customer $54,000. Interest at 9% 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 $120,000 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 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 2024 (ignore income taxes). 2. Determine the following balance sheet amounts on December 31, 2024: