Oak Street Clinic, a not-for-profit, began 2020 with the following account balances on January 1:

During 2020, the accounting clerk recorded the following transactions:

Oak Street Clinic’s year-end is December 31. Construct the 2020 balance sheet and income statement for the clinic, using the beginning account balances and incorporating the effects of each transaction. 

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Cash Accounts receivable $ 70,000 227,000 Supplies inventory 24,000 Equipment 1,500,000 Accumulated depreciation 300,000 Accounts payable Notes payable Net assets 21,000 500,000 1,000,000