Company MNO's Trial Balance as of March 31, 2025:

Account Title	Debit ($)	Credit ($)
Cash	70,000
Accounts Receivable	40,000
Prepaid Expenses	8,000
Office Supplies	5,000
Building	210,000
Accumulated Depreciation		35,000
Accounts Payable		30,000
Notes Payable		60,000
Common Stock		140,000
Retained Earnings		50,000
Service Revenue		180,000
Salaries Expense	45,000
Rent Expense	22,000
Utilities Expense	9,000
Insurance Expense	6,000
Dividends	15,000

Requirements:

1. Prepare the adjusted trial balance for Company MNO.
2. Prepare the income statement for the quarter ended March 31, 2025.
3. Prepare the statement of retained earnings for the quarter ended March 31, 2025.
4. Prepare the balance sheet as of March 31, 2025.
5. Identify any discrepancies and explain how they should be rectified.