ABC Wholesale Corporation maintains its records on a cash basis. At the end of each yea Time left $1$:$03$:$22$ company's accountant obtains the necessary information to prepare accrual basis financial statements.The following cash flows occurred during the year ended December $31,2016$:Cash receipts:From customersInterest on noteLoan from a local bankTotal cash receiptsCash disbursements:Purchase of merchandiseAnnual insurance paymentPayment of salaries and wages Dividends paid to sharcholdersAnnual rent paymentTotal cash disbursementsQ Search$$675,0004,000100,000$$$779,000$$$390,0006,000210,00010,00024,000$$$640,000$Selected balance sheet information:$31/12/201531/12/2016$Cash$$25,000$$$164,000$Accounts receivable$62,00092,000$Inventory$80,00062,000$Prepaid insurance$2,500?$Prepaid rent$11,000?$Interest receivable$3,000$Note receivable$50,00050,000$Equipment$100\mathrm{.}000100,000$Accumulated depreciation$-$equipment$(40,000)(50,000)$Accounts payable $($for merchandise$)110,000122,000$Salaries and wages payable$20,00024,000$Note payable$100,000$Interest payableAdditional information:$1.$ On March $31,2015,$ ABC lent a customer $$50,000.$ Interest at $8\%$ is payable annually on each March $31.$ Principal is due in $2019\mathrm{.}1.$ The annual insurance payment is paid in advance on April $30.$ The policy period begis on vay $\mathrm{.}2.$ On October $31,2016,$ ABC borrowed $$100,000$ from a local bank. Principal and interest at $6\%$ are due on October $31,2017\mathrm{.}3.$ Annual rent on the company's facilities is paid in advance on June $30.$ The rental period begins onJuly $1.$Determine the following balance sheet amounts on December $31,2016$: $($When entering answers, DO NOT use "nor", "nordecimals. Forexample, toenter$1,500,$ simply enter $1500)\mathrm{.}1.$ Prepaid insurance on December $31,2016$ is$2.$ Prepaid rent on December $31,2016$ is$3.$ Interest Receivable on December $31,2016$ is$4.$ Interest Payable on December $31,2016$ isDetermine the following income statement amounts for the year ended December $31,2016$: $($When entering answers, DO NOT use $""$nor$",$ "nordecimals. Forexample, toenter$1,500,$ simply enter$1500)-1.$ Sales Revenue for the year ended December $31,2016$ is$2.$ Cost of purchases for the year ended December $31,2016$ is$3.$ Cost of goods sold for the year ended December $31,2016$ is$4.$ Salaries Expense for the year ended December $31,2016$ is