Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $4,200. 3. The company borrowed $28,200 on September 1,2024 . The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $380. 5. Prepaid rent expired during the period is $13,500. Cash dividends paid to shareholders during the year amounted to $5,250. Required: 1. Complete the worksheet below. 2-a. Use the information in the worksheet to prepare an income statement for 2024. 2-b. Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. 2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2024. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ Account Title } & \multicolumn{2}{|c|}{ Balance } & \multicolumn{2}{|c|}{ Aajusting critres } & \multicolumn{2}{|c|}{ Balance } & \multicolumn{2}{|l|}{ mome } & \multicolumn{2}{|c|}{ Dalance sneel } \\ \hline & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit \\ \hline Cash & $47,990 & & & & & & & & & \\ \hline Accounts receivable & 22,000 & & & & & & & & & \\ \hline Supplies & 2,500 & & & & & & & & & \\ \hline Prepaid rent & 19,000 & & & & & & & & & \\ \hline Inventory & 51,000 & & & & & & & & & \\ \hline Office equipment & 63,000 & & & & & & & & & \\ \hline Accumulated depreciation & & $8,190 & & & & & & & & \\ \hline Accounts payable & & 24,400 & & & & & & & & \\ \hline Salaries payable & & 2,800 & & & & & & & & \\ \hline Notes payable (long-term) & & 28,200 & & & & & & & & \\ \hline Interest payable & & 0 & & & & & & & & \\ \hline Common stock & & 70,000 & & & & & & & & \\ \hline Retained earnings & & 14,200 & & & & & & & & \\ \hline Dividends & 5,250 & & & & & & & & & \\ \hline Sales revenue & & 205,000 & & & & & & & & \\ \hline Cost of goods sold & 107,500 & & & & & & & & & \\ \hline Interest expense & & & & & & & & & & \\ \hline Salaries expense & 29,950 & & & & & & & & & \\ \hline Rent expense & & & & & & & & & & \\ \hline Supplies expense & & & & & & & & & & \\ \hline Utilities Expense & 4,600 & & & & & & & & & \\ \hline Depreciation expense & & & & & & & & & & \\ \hline & & & & & & & $ & $ & $ & $ \\ \hline Net income & & & & & & & & & & \\ \hline Totals & $352,790 & $352,790 & $ & $ & $ & 0 & $ & $ & $ & $ \\ \hline \end{tabular}