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.

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 $$5,400.$

$3.$ The company borrowed $$29,400$ 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 $$460.$

$5.$ Prepaid rent expired during the period is $$13,900.$

Cash dividends paid to shareholders during the year amounted to $$6,750.$

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.