Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the companys reporting year-end. The company uses the perpetual inventory system.

Account Title	Debits	Credits
Cash	$ 34,335
Accounts receivable	20,500
Supplies	2,200
Prepaid rent	24,000
Inventory	46,500
Office equipment	57,000
Accumulated depreciation		$ 7,410
Accounts payable		21,100
Salaries payable		2,200
Notes payable (long-term)		27,300
Common stock		55,000
Retained earnings		12,550
Dividends	4,125
Sales revenue		190,000
Cost of goods sold	100,000
Interest expense	0
Salaries expense	22,750
Rent expense	0
Supplies expense	0
Utility expense	4,150
Totals	$ 315,560	$ 315,560

Information necessary to prepare the year-end adjusting entries appears below.

• The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value.
• Accrued salaries at year-end should be $3,300.
• The company borrowed $27,300 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%.
• The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $320.
• Prepaid rent expired during the period is $13,200.

Cash dividends paid to shareholders during the year amounted to $4,125. Required:

1. Complete the worksheet below.

2-a. Use the information in the worksheet to prepare an income statement for 2024.

2-b. Use the information in the worksheet to prepare a statement of shareholders equity for 2024.

2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2024.

3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. I have have no clue why mine doesn't balance, Please help.

Complete the worksheet below. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{ Account Title } & \multicolumn{2}{|c|}{UnadjustedTrialBalance} & \multicolumn{2}{|c|}{ Adjusting Entries } & \multicolumn{2}{|c|}{AdjustedTrialBalance} & \multicolumn{2}{|c|}{ Income Statement } & \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit \\ \hline Cash & $34,335 & & & & $34,335 & & & & & \\ \hline Accounts receivable & 20,500 & & & & 20,500 & & & & & \\ \hline Supplies & 2,200 & & & 320 & 1,880 & & & & & \\ \hline Prepaid rent & 24,000 & & & 10,800 & 13,200 & & & & & \\ \hline Office equipment & 57,000 & & & & 57,000 & & & & & \\ \hline Accumulated depreciation & & $7,410 & 285 & & & 7,125 & & & & \\ \hline Accounts payable & & 21,100 & & & & 21,100 & & & & \\ \hline Salaries payable & & 2,200 & 19,450 & & & 3,300 & & & & \\ \hline Notes payable (long-term) & & 27,300 & & & & 27,300 & & & & \\ \hline Interest payable & & 0 & & 1,138 & & 1,138 & & & & \\ \hline Retained earnings & & 12,550 & & & & 12,550 & & & & \\ \hline Dividends & 4,125 & & & & 4,125 & & & & & \\ \hline Sales revenue & & 190,000 & & & & 190,000 & & & & \\ \hline Cost of goods sold & 100,000 & & & & 100,000 & & & & & \\ \hline Interest expense & & & 1,138 & & 1,138 & & & & & \\ \hline Salaries expense & 22,750 & & & 19,450 & 3,300 & & & & & \\ \hline Rent expense & & & 10,800 & & & 13,200 & & & & \\ \hline Supplies expense & & & 320 & & & 1,880 & & & & \\ \hline Utilities Expense & 4,150 & & & & 4,150 & & & & & \\ \hline \multirow[t]{2}{*}{ Depreciation expense } & & & & 285 & 7,125 & & & & & \\ \hline & & & & & & & $ & $ & 0 & $ \\ \hline \multicolumn{11}{|l|}{ Net income } \\ \hline \end{tabular}