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 6:46 Cash Accounts receivable 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 Debits Credits $ 63,070 26,000 3,300 27,000 63,000 79,000 $ 10,270 33,200 4,400 30,600 110,000 18,600 8,250 245,000 127,500 49,150 5,800 $ 452,070 $ 452,070 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 life with no residual value. 2. Accrued salaries at year-end should be $6,600. 3. The company borrowed $30,600 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 $540. 5. Prepaid rent expired during the period is $14,300. Cash dividends paid to shareholders during the year amounted to $8,250. 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 2C Req 3 Use the information in the worksheet to prepare an income statement for 2024. EXCALIBUR CORPORATION Income Statement For the Year Ended December 31, 2024 Gross profit Operating expenses: Total operating expenses Operating income Other expense: Net income < Req 1 0 0 0 $ 0 Req 2B >