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 Debits $ 60,400 Credits 265,000 6,500 38,000 480,000 $ 202,000 46,000 24,000 6,300 800 400,000 85,000 630,000 378,000 94,500 19,500 48,000 1,600 2,600 $ 1,394,100 $ 1,394,100 Totals 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. Current assets: Total current assets Property and equipment: Balance Sheet At December 31, 2024 Assets 0 0 Total assets $ 0 Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Shareholders' equity: 0 Total shareholders' equity 0 Total liabilities and shareholders' equity $ 0