Malibu Corporations fiscal year-end is December 31, 2024. The following is a partial listing of adjusted account balances as of December 31.

1. Based on the information above, prepare the Income Statement for Malibu 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 Malibu Corporation for December 31, 2024. Malibu Corporation Income Statement For the Year Ended December 31, 2024 \begin{tabular}{|l|l|r|} \hline & & \\ \hline & & 0 \\ \hline Operating expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline & & \\ \hline Other revenues and expenses: & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{lr} \multicolumn{1}{c}{ Accounts } & Balance \\ Retained & $20,000 \\ Earnings & 2,000 \\ Dividends & 40,000 \\ Sales Revenue & 5,000 \\ Interest Revenue & 14,000 \\ Cost of Goods & 5,000 \\ Sold & 2,000 \\ Rent Expense & \\ Advertising & 10,000 \\ Expense & 4,000 \\ Insurance & Expense \end{tabular} 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. Based on the information above, prepare the Income Statement for Malibu Corporation for December 31, 2024. Malibu Corporation Income Statement For the Year Ended December 31, 2024 \begin{tabular}{|l|l|r|} \hline & & \\ \hline & & 0 \\ \hline Operating expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline & & \\ \hline Other revenues and expenses: & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{lr} \multicolumn{1}{c}{ Accounts } & Balance \\ Retained & $20,000 \\ Earnings & 2,000 \\ Dividends & 40,000 \\ Sales Revenue & 5,000 \\ Interest Revenue & 14,000 \\ Cost of Goods & 5,000 \\ Sold & 2,000 \\ Rent Expense & \\ Advertising & 10,000 \\ Expense & 4,000 \\ Insurance & Expense \end{tabular} 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