Prepare a year end accrual based Income statement for Excalibur Corporation in Excel using Cell referencing from Adjusted trial balance columns above and with proper formatting and formulas.

P 28 Adjusting entries CLO2-6 Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Account Title Debits Credits Cash 23,300 Accounts receivable 32,500 Supplies -0- Prepaid rent -0- 65,000 Inventory Office equipment 75,000 Accumulated depreciation 10,000 Accounts payable 26,100 Salaries payable 3,000 Notes payable 30,000 Common stock 80,000 Retained earnings 22,050 Dividends 6,000 Sales revenue 180,000 Sales revenue 180,000 Cost of goods sold 95,000 Interest expense -0- Salaries expense 32,350 Rent expense 14,000 Supplies expense 2,000 Utilities expense 6,000 Totals 351,150 351,150 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2019 and is being depreciated using the straight-line method over a ten-year useful life with no salvage value. 2. Accrued salaries at year-end should be $4,500. 3. The company borrowed $30,000 on September 1, 2021. The principal is due to be repaid in 10 years. Interest is payable twice a year Page 103 on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $500. 5. Prepaid rent at year-end should be $1,000. Raqiradi