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, 2021:

Cash receipts:
From customers	$	665,000
Interest on note		3,840
Loan from a local bank		110,000
Total cash receipts	$	778,840
Cash disbursements:
Purchase of merchandise	$	388,000
Annual insurance payment		5,760
Payment of salaries		208,000
Dividends paid to shareholders		10,000
Annual rent payment		23,000
Total cash disbursements	$	634,760

Selected balance sheet information:

	12/31/2020			12/31/2021
Cash	$	24,000		$	168,080
Accounts receivable		61,000			90,000
Inventory		78,000			61,000
Prepaid insurance		2,300			?
Prepaid rent		10,800			?
Interest receivable		2,880			?
Note receivable		48,000			48,000
Equipment		90,000			90,000
Accumulated depreciation		(39,000	)		(48,000	)
Accounts payable (for merchandise)		109,000			120,000
Salaries payable		19,800			23,700
Notes payable		0			110,000
Interest payable		0			?

Additional information:

1. On March 31, 2020, Zambrano lent a customer $48,000. Interest at 8% is payable annually on each March 31. Principal is due in 2024.
2. The annual insurance payment is paid in advance on April 30. The policy period begins on May 1.
3. On October 31, 2021, Zambrano borrowed $110,000 from a local bank and signed a note promising repayment. Principal and interest at 6% are due on October 31, 2022.
4. Annual rent on the companys facilities is paid in advance on June 30. The rental period begins on July 1.

Required:

1. Prepare an accrual basis income statement for 2021 (ignore income taxes). 2. Determine the following balance sheet amounts on December 31, 2021: