Cisco Systems' Trial Balance as of December 31, 2023:

Account Title	Debit ($)	Credit ($)
Cash	130,000
Accounts Receivable	105,000
Inventory	180,000
Equipment	270,000
Accumulated Depreciation		55,000
Accounts Payable		95,000
Notes Payable		115,000
Common Stock		180,000
Retained Earnings		130,000
Sales Revenue		410,000
Salaries Expense	100,000
Rent Expense	75,000
Utilities Expense	45,000
Insurance Expense	60,000
Dividends	65,000

Requirements:

1. Prepare the adjusted trial balance for Cisco Systems.
2. Prepare the income statement for the year ended December 31, 2023.
3. Prepare the statement of retained earnings for the year ended December 31, 2023.
4. Prepare the balance sheet as of December 31, 2023.
5. Identify any discrepancies and explain how they should be rectified.