Problem 1 (50points): Bridgeport Enterprises reported the following figures from its adjusted trial balance for its first year of business, which ended on June 30, 2025. XAccounts Payable $ 4,800 x Accounts Receivable 3,600 XAccrued Liabilities 1,400 x Administrative Expenses 3,800 x Cash 4,500 x Common Stock 7,550 x Cost of Goods Sold 23,500 * Dividends 2,000 x Equipment, net 8,500 X Interest Expense 150 X Merchandise Inventory 2,500 x Net Sales Revenue 35,000 * Notes Payable, Long-term 1,500 X Selling Expenses 1,700 Requirements: a. Prepare a multi-step income statement. b. Prepare a classified balance sheet. The Retained Earnings account balance at June 30, 2025 is $3,850. c. List which accounts of Bridgeport will be closed at June 30, 2025