Kim Andrews prepared the following income statement on a cash basis for Ed Sloan, M.D.:

Ed Sloan has requested information from Kim as to what his professional fees earned would be under the accrual-basis system of accounting. Kim has asked you to provide Dr. Sloan with this information, basing it on the following facts that Kim ignored in the original preparation of the financial report:

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ED SLOAN, M.D. INCOME STATEMENT FOR YEAR ENDED DECEMBER 31, 2012 Professional Fees Earned Expenses Net Income 5000000 1800000 3200000 Accrued Professional Fees Unearned Professional Fees 2011 $4,200 6,200 2012 $5,300 4,250