On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit	Credit
Cash	$ 12,100
Accounts Receivable	35,800
Allowance for Uncollectible Accounts		$ 2,700
Inventory	152,900
Land	76,300
Buildings	129,000
Accumulated Depreciation		10,500
Accounts Payable		27,600
Common Stock		209,000
Retained Earnings		156,300
Totals	$ 406,100	$ 406,100

During January 2024, the following transactions occur:

January 1	Borrow $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107 are required at the end of each month for 60 months.
January 4	Receive $31,900 from customers on accounts receivable.
January 10	Pay cash on accounts payable, $20,000.
January 15	Pay cash for salaries, $29,800.
January 30	Firework sales for the month total $200,400. The cost of the units sold is $117,000.
January 31	Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1.

3. CALCULATE an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2).

4. CALCULATE a multiple-step income statement for the period ended January 31, 2024.

5. CALCULATE a classified balance sheet as of January 31, 2024.