Required Information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following Information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, Includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 Deferred Revenue Common Stock Retained Earnings Totals $211,200 151,000 46,100 $211,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders. Problem 3-9A (Algo) Part 8 8-a. Prepare the Income statement for the year ended December 31, 2024. ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 Cash Accounts Receivable Prepaid Insurance Expenses: Total Expenses 0 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. ZIPS STORAGE Balance Sheet December 31, 2024 Assets Current assets: Total current assets Long-term assets: 0 Liabilities Current liabilities: Total current liabilities 0 Stockholders' Equity Total stockholders' equity 0 $ Total assets 0 Total liabilities and stockholders' equity $ 0