Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Account Title Cash Accounts receivable Debits $ 59,300 Credits Supplies Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (long-term) Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals 25,000 3,100 25,000 60,000 75,000 $ 9,750 31,000 4,000 30,000 100,000 17,500 7,500 235,000 122,500 0 44,350 0 0 5,500 $427,250 Information necessary to prepare the year-end adjusting entries appears below. $427,250 1. 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. 2. Accrued salaries at year-end should be $6,000. 3. The company borrowed $30,000 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%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $500 Eemald Totals $ 427,250 $ 427,250 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful l with no residual value. 2. Accrued salaries at year-end should be $6,000. 3. The pompany borrowed $30,000 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%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $500. 5. Prepaid rent expired during the period is $14,100. Cash dividends paid to shareholders during the year amounted to $7,500. 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 2C Req 3 Complete the worksheet below. Account Title: Unadjusted Trial Balance Debit Credit Debit Adjusting Entries Credit Adjusted Trial Balance Debit Credit Income Statement Debit Balance Sheet Credit Debit Credit