Irvine Corporation's fiscal year-end is December 31, 2024. The following is a partial listing of adjusted account balances as of December 31. Accounts Retained Earnings Dividends Sales Revenue Interest Revenue Cost of Goods Sold Rent Expense Advertising Expense Insurance Balance $21,000 2,100 41,000 5,100 14,100. 5,100 2,100 10,100 Expense Interest Expense 4,100 Required: 1. Based on the information above, prepare the Income Statement for Irvine Corporation for December 31, 2024. 2. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance.

Irvine Corporation's fiscal year-end is December 31, 2024. The following is a partial listing of adjusted account balances as of December 31 . Required: 1. Based on the information above, prepare the Income Statement for Irvine Corporation for December 31,2024. 2. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance. Based on the information above, prepare the Income Statement for Irvine Corporation for December 31,2024. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance. Note: Amounts to be deducted should be indicated with a minus sign