Darmian Plc is a merchandise company that supplies technological goods to resellers. Its adjusted trial balance dated 31 December 2023, where accounts are reported in alphabetical order, is presented below.

ADJUSTED TRIAL BALANCE - 31.12.2023
(Values in )	DEBIT	CREDIT
Accounts payables		62,700
Accounts receivables	405,500
Accumulated depreciation: equipment		207,500
Capital stock		875,000
Cash	405,300
Cost of goods sold	590,700
Depreciation expense: equipment	90,000
Dividends	45,000
Equipment	900,000
Finished goods inventories	180,000
Income taxes expense	85,000
Income taxes payables		65,000
Insurance expense	48,200
Interest expense	4,500
Interest payables		4,500
Maintenance expense	25,000
Notes payables		180,000
Prepaid rent	30,000
Rent expense	163,500
Retained earnings		235,000
Revenues		1,295,000
Salaries expense	58,000
Salary payables		8,000
Unearned revenue		180,000
Unexpired insurance	10,000
Utilities expense	77,000
Utilities payables		5,000
TOTAL	3,117,700	3,117,700

you are required to do the following:

1. Present the income statement for 2023, using an appropriate layout and subtotals.

(30 Marks)

1. Present the statement of retained earnings at 31 December 2023.

(25 Marks)

1. Present the balance sheet at 31 December 2023, using an appropriate layout.

(30 Marks)

1. Present the necessary closing entries.

(15 Marks)