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Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)

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The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:

Accounts	Debits	Credits
Cash	$50,500
Accounts Receivable	34,700
Land	119,800
Accounts Payable		$16,200
Notes Payable (due in 2 years)		39,000
Common Stock		109,000
Retained Earnings		40,800
Totals	$205,000	$205,000

The following is a summary of the transactions for the year:

1. January 12	Provide services to customers on account, $71,400.
2. February 25	Provide services to customers for cash, $79,800.
3. March 19	Collect on accounts receivable, $46,600.
4. April 30	Issue shares of common stock in exchange for $39,000 cash.
5. June 16	Purchase supplies on account, $13,900.
6. July 7	Pay on accounts payable, $12,200.
7. September 30	Pay salaries for employee work in the current year, $73,200.
8. November 22	Pay advertising for the current year, $23,400.
9. December 30	Pay $3,800 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $3,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,200.

Problem 3-9B (Algo) Part 8

8-a. Prepare the income statement for the year ended December 31, 2024.

8-b. Prepare the classified balance sheet for the year ended December 31, 2024.