For IBM Corp, consider the following trial balance data as of December 31, 2023:

• Debits:
  • Cash: $95,000
  • Accounts Receivable: $65,000
  • Inventory: $120,000
  • Machinery: $200,000
  • Depreciation Expense: $25,000
  • Salaries Expense: $70,000
  • Rent Expense: $50,000
  • Utilities Expense: $30,000
  • Insurance Expense: $40,000
  • Dividends: $45,000
• Credits:
  • Accumulated Depreciation: $40,000
  • Accounts Payable: $70,000
  • Notes Payable: $95,000
  • Common Stock: $160,000
  • Retained Earnings: $110,000
  • Sales Revenue: $320,000

Requirements:

1. Create the adjusted trial balance for IBM Corp.
2. Draft the income statement for the year ending December 31, 2023.
3. Prepare the statement of retained earnings for the year ending December 31, 2023.
4. Construct the balance sheet as of December 31, 2023.
5. Point out any discrepancies and suggest corrective measures.