Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the companys reporting year-end. The company uses the perpetual inventory system. Account Title Debits Credits Cash 86,335 Accounts receivable 28,500 Supplies 0 Prepaid rent 0 Inventory 70,500 Office equipment 89,000 Accumulated depreciation 11,570 Accounts payable 38,700 Salaries payable 5,400 Notes payable 32,100 Common stock 135,000 Retained earnings 21,350 Dividends 10,125 Sales revenue 270,000 Cost of goods sold 140,000 Interest expense 0 Salaries expense 61,150 Rent expense 19,400 Supplies expense 2,560 Utility expense 6,550 Totals 514,120 514,120

Complete the worksheet below. 2-a. Use the information in the worksheet to prepare an income statement for 2021. 2-b. Use the information in the worksheet to prepare a statement of shareholders equity for 2021. 2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2021. 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts.