BYUI updated for Accounting Cycle #$4$ from Problem $2-7$A $($Algo$)$ Preparing an income statement, statement of retained earnings, and balance sheet. LO P$1$ Added closing entries

Angel Valdez is an owner and manager of Angel V$\text{'}$s Inc., which began operations a few years prior. On December $31,$ AV's shows the following selected accounts and amounts for the fiscal year ended December $31.$Account Debit Credit Account Debit Credit

Cash $ $25,403$ Common stock $ $79,000$

Accounts receivable $23,991$ Paid$-$in capital in excess of par$-$C$.$S$.486,529$

Allowance for doubtful accounts $817$ Retained earnings $229,939$

Interest receivable $101$ Cash Dividends $10,007$

Inventory $47,993$ Sales $2,297,990$

Supplies $10,419$ Sales discounts $13,268$

Prepaid insurance $3,271$ Sales returns & allowances $62,892$

Prepaid rent $5,389$ Interest revenue $2,204$

Notes receivable $39,000$ Gain on sale of plant asset $4,222$

Investment in stock $25,996$ Cost of goods sold $1,266,448$

Land $144,991$ Depreciation expense $44,325$

Buildings $1,394,999$ Amortization expense $4,155$

Equipment $216,800$ Salaries expense $569,992$

Accumulated Depreciation $-$ Buildings $85,444$ Insurance expense $1,456$

Accumulated Depreciation $-$ Equipment $45,276$ Rent expense $12,967$

Patents $42,000$ Supplies expense $114,404$

Accounts payable $32,281$ Utilities expense $3,867$

Salaries payable $21,293$ Interest expense $38,478$

Interest payable $7,421$ Income tax expense $22,206$

Income tax payable $1,743$ Bad debts expense $770$

Unearned revenue $8,411$ Freight$-$out $25,215$

Notes payable $57,807$ Loss on sale of plant asset $3,258$

Mortgage payable $582,584$

Bonds payable $231,100$ Totals $ $4,174,061$ $ $4,174,061.$ prepare an income statment, balance sheet, and statement for retained earnings, and closing journal entries from these numbers