10:05 2. Accrual basis. (PLEASE COMPLETE IN SPREADSHEETi.e. MS Excel) Grier & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows Grier & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2017 Cash receipts from customers Cash payments S425,000 Salaries and wages Income taxes Insurance Interest S170,000 65,000 40,000 300,000 Net income Additional information: 20172016 Accounts receivable Salaries and wages payable Income taxes payable Prepaid insurance Accumulated depreciation Interest payable S50,000 0,000 24,000 8,000 95,000 3,000 $30,000 20,000 19,000 4,000 80,000 9,000 No plant assets were sold during 2017