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	$ 63,070
Accounts receivable	26,000
Supplies	3,300
Prepaid rent	27,000
Inventory	63,000
Office equipment	79,000
Accumulated depreciation		$ 10,270
Accounts payable		33,200
Salaries payable		4,400
Notes payable (long-term)		30,600
Common stock		110,000
Retained earnings		18,600
Dividends	8,250
Sales revenue		245,000
Cost of goods sold	127,500
Interest expense	0
Salaries expense	49,150
Rent expense	0
Supplies expense	0
Utility expense	5,800
Totals	$ 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 the worksheet below. nber 31, 2024. Iles tho infarmstinn in tho insnrlechoot to nronsro sn insamo etstament for 2024. Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Record the entry to close the revenue accounts using retained earnings. 2 Record the entry to close the expense accounts using ys. retained earnings. 3 Record the entry to close the dividends account. Credit Note : O= journal entry has been entered