Irvine Corporations 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.

\begin{tabular}{lr} \multicolumn{1}{c}{ Accounts } & Balance \\ Retained & $19,000 \\ Earnings & 1,900 \\ Dividends & 39,000 \\ Sales Revenue & 4,900 \\ Interest Revenue & Cost of Goods \\ Sold & 13,900 \\ Rent Expense & 4,900 \\ Advertising & 1,900 \\ Expense & \\ Insurance & 9,900 \\ Expense & 3,900 \end{tabular}