XYZ Electronics Store sells consumer electronics. Financial transactions for 2023 are as follows:

Transactions (in $ millions)	Amount
Cash Sales	50.0
Credit Sales	30.0
Cash Payments	40.0
Accounts Payable Paid	8.0
Inventory Purchases	25.0

Requirements:

• Prepare XYZ Electronics Store's income statement for 2023 using the modified cash basis.
• Calculate the net income, considering cash sales, cash payments, and payments to accounts payable.
• Discuss the treatment of credit sales and inventory purchases under the modified cash basis.
• Analyze how the inclusion of accounts payable paid affects financial reporting.