Exercise 2-12 (Algo) Financial statements and closing entries [LO2-7, 2-8] The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Debits $ 68,500 250,000 5,000 Credits 35,000 450,000 $ 190,000 40,000 360,000 90,000 15,000 45,000 15,000 6,000 500 400,000 70,000 600,000 1,000 2,000 $ 1,321,500 $ 1,321,500 Required: 1-a. Prepare an income statement for the year ended December 31, 2024. 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31, 2024. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare an income statement for the year ended December 31, 2024. BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2024 Operating expenses: Total operating expenses Other expense: Req 1A Req 1B >