Company ABC's Trial Balance as of March 31, 2024:

Account Title	Debit ($)	Credit ($)
Cash	75,000
Accounts Receivable	45,000
Prepaid Expenses	12,000
Office Supplies	3,000
Building	200,000
Accumulated Depreciation		25,000
Accounts Payable		40,000
Notes Payable		70,000
Common Stock		120,000
Retained Earnings		60,000
Service Revenue		110,000
Salaries Expense	50,000
Rent Expense	20,000
Utilities Expense	8,000
Insurance Expense	7,000
Dividends	10,000

Requirements:

1. Prepare the adjusted trial balance for Company ABC.
2. Prepare the income statement for the quarter ended March 31, 2024.
3. Prepare the statement of retained earnings for the quarter ended March 31, 2024.
4. Prepare the balance sheet as of March 31, 2024.
5. Identify any discrepancies and explain how they should be rectified.