Q2. The December 31 2015 adjusted TB for the Blueboy Cheese Corporation is presented below Debits Credits Cash 21,000 Account Receivable 300,000 Prepaid Rent 10,000 Inventory 50,000 Office equipment 600,00 Accumulated depreciation- office equipment 250,000 Account payable 60,000 Notes Payable (due within 6 months) 60,000 Salaries payable 8,000 Interest payable 2,000 Equity 400,000 Retained earnings 100,000 Sales Revenue 800,000 Cost of goods sold 480,000 Salaries Expense 120,000 Rent Expense 30,000 Depreciation Expense 60,000 Interest expense 4,000 Advertising Expense 5,000 1,680,000 1,680,000 Required: Prepare an income statement for the year ended December 31, 2015, and a Balance sheet. Note: Retained earnings is Net Income that has not been used up from previous years. Add it up to the Equity