Chapter 2 Homework Seved 3 Exercise 2-12 (Algo) Financial statements and closing entries [LO2-7, 2-8] The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. 0.75 points 03:03:31 Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment eBook Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Hint Print O References Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Debits $ 57,700 Credits 270,000 7,000 39,000 490,000 $ 206,000 48,000 27,000 6,400 900 400,000 90,000 640,000 384,000 96,000 21,000 49,000 1,800 2,800 $ 1,418,300 $ 1,418,300 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, 2024.