P2.4A (LO 1) (Prepare financial statements; discuss relationships.) These items are taken from the financial statements of Biskane Corporat or the year ended December 31, 2024: Retained earnings, January 1 Supplies Common shares Interest expense Insurance expense Accounts receivable Land Salaries payable Salaries expense Trading investments Supplies expense Operating expense Buildings Depreciation expense Accounts payable Equipment Dividends declared Accumul depreciation-buildings Interest income Cash Repairs and maintenance expense Prepaid insurance Bank loan payable, due 2029 Service revenue Accumulated depreciation-equipment Utilities expense Income tax expense Additional information: $167,800 100 60,000 2,500 2,000 22,400 106,000 19,300 135,000 40,000 500 43,500 65,000 2,800 12,000 $ 45,000 4,000 17,500 600 17,000 3,700 2,400 30,000 167,900 18,500 1,700 0 1. Biskane started the year with $45,000 of common shares and issued $15,000 of common shares during the year. 2. Biskane must pay $5,500 of the bank loan payable in 2025.