14 01:16:12 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $6,600. 3. The company borrowed $30,600 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $540. 5. Prepaid rent expired during the period is $14,300. Cash dividends paid to shareholders during the year amounted to $8,250. Required: 1. Complete the worksheet below. 2-a. Use the information in the worksheet to prepare an income statement for 2024. 2-b. Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. 2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2024. 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Complete the worksheet below. Account Title Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Accounts receivable Supplies $ 63,070 26,000 $ 63,070 26,000 3,300 3,300 Prepaid rent 27,000 27,000 Inventory 63,000 63,000 Office equipment 79,000 79,000 Accumulated depreciation $ 10,270 Accounts payable 33,200 Salaries payable 4,400 Notes payable (long-term) 30,600 Interest payable 0 Common stock 110,000 Retained earnings 18,600 Dividends 8,250 Sales revenue 245,000 Cost of goods sold 127,500 Interest expense Salaries expense 49,150 Rent expense Supplies expense Utilities Expense Depreciation expense 5,800 $ 0 $ $ 0 $ 0 Net income $ $ Totals 452,070 452,070 $ 0 $ 0 $ 0 261,370 $ 0 $ 0 $ 0 $ 0 < Req 1 Req 2A >