Question: Refer to the data for Alcorn Products in Problem 15-16. All of the long-term notes issued during 2008 are being held by Alcorns bank. The

Refer to the data for Alcorn Products in Problem 15-16. All of the long-term notes issued during 2008 are being held by Alcorn’s bank. The bank’s management wants the income statement adjusted to a cash basis to see how the cash basis statement compares to the accrual basis statement.
Required:
Use the direct method to convert Alcorn Products’ 2008 income statement to a cash basis.

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