Haddock Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 fr

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Haddock Law Services maintains its books using cash-basis
accounting. However, the company decides to borrow $100,000 from a
local bank, and the bank requires Haddock to provide annual
financial statements prepared using accrual-basis accounting as
part of the creditworthiness verification. During 2024, the company
records the following cash flows:
You are able to determine the following information:
Required:
Prepare an accrual-basis income statement for the year ended
December 31, 2024, by calculating accrual-basis revenues and
expenses.