The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title 85 Cash nts Accounts receivable Prepaid rent Inventory. Office equipment Debits $ 57,300 280,000 Credits 8,000 41,000 510,000 $ 214,000 52,000 Accumulated depreciation. Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 33,000 6,600 1,100 400,000 105,000 660,000 396,000 99,000 24,000 51,000. 2,200 3,200 $ 1,471,700 $ 1,471,700 Required: 1-a. Prepare an income statement for the year ended December 31, 2024. 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31, 2024. 7 Req 1A Req 18 Req 2 2.85 points Prepare an income statement for the year ended December 31, 2024. BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Total operating revenue $ 660,000 0 660,000 Operating expenses: Cost of goods sold S 396,000 Salaries expense 99,000 Rent expense 24,000 Depreciation expense 51,000 Advertising expense (3,200) Interest expense Total operating expenses 566,800 93,200 Other expense: $ 93,200 Hea TA Req 18 > 2.85 7 Current assets: Cash Accounts receivable points Prepaid rent Inventory Assets $ 57,300 280,000 8,000 41,000 386,300 Total current assets Property and equipment Office equipment Less: Accumulated depreciation Os 510,000 (214,000) 296,000 Total assets $ 682,300 Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity 0 0 85 7 bints In un infinitumen sinds w 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2 Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date General Journal Debit