5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculations.) 4. Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.) 3. Prepare an adjusted trial balance as of January 31,2024 , after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) The following information is available on January 31, 2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,800. b. The company estimates additional future uncollectible accounts of $1,748. c. Unpaid salaries at the end of January are $27,400. d. Accrued income taxes at the end of January are $9,300. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $20,079. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 1 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,185 are required at the end of each month for 60 months. January 4 Receive $32,300 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24,000. January 15 Pay cash for salaries, $30,200. January 30 Firework sales for the month total $201,200. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,185 related to the $113,000 borrowed on January 1 . Exercise 9-24 (Algo) Part 1 Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)