Account Title Debits Credits Cash $ 17,300 Accounts receivable 340,000 Prepaid rent 14,000 Inventory 53,000 Office equipment 630,000 Accumulated depreciation $ 262,000 Accounts payable 76,000 Notes payable (due in six months) 69,000 Salaries payable 7,700 Interest payable 2,300 Common stock 400,000 Retained earnings 160,000 Sales revenue 770,000 Cost of goods sold 462,000 Salaries expense 115,500 Rent expense 42,000 Depreciation expense 63,000 Interest expense 4,600 Advertising expense 5,600 Totals $ 1,747,000 $ 1,747,000 Required: 1-a. Prepare an income statement for the year ended December 31, 2024. 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31