Company XYZ's Trial Balance as of December 31, 2023:

Account Title	Debit ($)	Credit ($)
Cash	50,000
Accounts Receivable	30,000
Inventory	40,000
Equipment	100,000
Accumulated Depreciation		20,000
Accounts Payable		35,000
Notes Payable		50,000
Common Stock		60,000
Retained Earnings		30,000
Service Revenue		80,000
Salaries Expense	25,000
Rent Expense	15,000
Utilities Expense	5,000
Insurance Expense	10,000
Dividends	20,000

Requirements:

1. Prepare the adjusted trial balance for Company XYZ.
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.