14 ! Part 5 of 8 0.89 points eBook Ask Print References Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits. $24,700 Credits 15,500 12,200 149,000 $6,800 5,900 144,000 44,700 $201,400 $201,400 The following is a summary of the transactions for the year: 1. January 91 3. April 25 2. February 12 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $135, 100, and on account, $52,700. Collect on accounts receivable, $51,600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9,400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124,600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2024. Expenses ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 0 Total Expenses 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. ZIPS STORAGE Balance Sheet December 31, 2024 Assets Current assets: Total current assets Long-term assets 0 Liabilities Current liabilities: Total current liabilities 0 Stockholders' Equity Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0