Prepare the company's income statement for the year ended December 31, 2016. Prepare the company's statement of owner's equity for the year ended December 31, 2016. Assume that there were no contributions made by the owner during the year. Prepare the company's classified balance sheet in report from at December 31, 2016. Journalize the closing entries for Bertrand system. Compute the company's current ratio at December 31, 2016, At December 31, 2015, the current ratio was 2.4. Did the company's ability to pay current debts improve or deteriorate, or did it remain the same