2. Accrual basis. (PLEASE COMPLETE IN SPREADSHEET i.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 receivts from customers Cash payments: $425,000 Salaries and wages Income taxes Insurance Interest $170,000 65,000 40,000 25,000 300,000 $125,000 Net income Additional information: Balances at 12/31 2017 2016 Accounts receivable Salaries and wages payable Income taxes payable Prepaid insurance Accumulated depreciation Interest payable $50,000 10,000 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