Given the following trial balance of Chevron Corporation as of December 31, 2023:

• Cash: $250,000
• Accounts Receivable: $500,000
• Inventory: $400,000
• Prepaid Expenses: $60,000
• Property, Plant, and Equipment: $1,500,000
• Accumulated Depreciation: $400,000
• Accounts Payable: $400,000
• Salaries Payable: $150,000
• Common Stock: $1,200,000
• Retained Earnings: $400,000
• Sales Revenue: $3,000,000
• Cost of Goods Sold: $1,500,000
• Operating Expenses: $600,000
• Interest Expense: $80,000
• Income Tax Expense: $120,000

Required:

1. Prepare the Income Statement for the year ending December 31, 2023.
2. Prepare the Balance Sheet as of December 31, 2023.
3. Discuss the implications of the company's financial position based on the Balance Sheet.