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Requirement 1. Using good form, prepare the December 31, 2008 financial statements Prepare the income Statement Begin with the income from operations section of the statement, then complete the statement by computing net income. (Exclude any accounts with a zero balance. Use a minus sign or parentheses to identify other expenses or losses) Music Express Income Statement For the one month ended December 31, 2008 Revenue Operating expenses China forma Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet. b. The Income Statement c. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance (in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement? Requirement 1. Using good form, prepare the December 31, 2008 financial statements Prepare the income Statement Begin with the income from operations section of the statement, then complete the statement by computing net income. (Exclude any accounts with a zero balance. Use a minus sign or parentheses to identify other expenses or losses) Music Express Income Statement For the one month ended December 31, 2008 Revenue Operating expenses China forma Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet. b. The Income Statement c. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance (in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement