Requirements ar he 1. Prepare the company's income statement for the year ended December 31, 2024. d En qu 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 Bradley 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? Print Done e The adjusted trial balance of Bradley Irrigation System at December 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the company's income statement for the year ended December 31, 2024. (If a bo a zero. Use a minus sign or parentheses to show a net loss.) Bradley Irrigation System Income Statement Year Ended December 31, 2024 Revenues: Service Revenue Expenses: Insurance Expense 700 Salaries Expense 15,900 Supplies Expense 1,600 Interest Expense 600 Depreciation Expense-Equipment 2,900 Depreciation Expense-Building 1,100 74,200 Hor Data table K Bradley Irrigation System Adjusted Trial Balance December 31, 2024 %, 7.5 of 20 -X 10 Balance Account Title Debit Credit a box is not us ss.) Cash 13,500 Accounts Receivable 46,800 Office Supplies 22,900 Prepaid Insurance 5,000 Building 55,600 Accumulated Depreciation-Building $ 25,400 Equipment 25,000 Accumulated Depreciation-Equipment Accounts Payable Interest Payable Print Done 6,600 35,600 800 ter 4 Hor Data table K Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense-Building Total Print Done %, of 20 p X 10 800 3,700 1,900 15,000 21,000 a box is not use ss.) 7,000 2,600 76,300 600 15,500 900 800 2,900 1,200 193,300 $ 193,300