REQUIREMENTS 1-3:

REQUIREMENTS 4-5:

Requirements 1. Prepare the company's income statement for the year ended December 31, 2024. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2024. 3. Prepare the company's classified balance sheet in report form at December 31, 2024. 4. Journalize the closing entries for Bennett Irrigation System. 5. Compute the company's current ratio at December 31, 2024. At December 31,2023 , the current ratio was 2 . Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Requirement 4. Journalize the closing entries for Bennett Irrigation System. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Close expenses for the period. Close Income Summary. it Close Dividends. Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) Since the current ratio was 2 one year ago, Bennett's ability to pay its current liabilities has