Sony Corp's Trial Balance as of December 31, 2023:

Account Title	Debit ($)	Credit ($)
Cash	110,000
Accounts Receivable	85,000
Inventory	140,000
Equipment	230,000
Accumulated Depreciation		45,000
Accounts Payable		75,000
Notes Payable		95,000
Common Stock		160,000
Retained Earnings		110,000
Sales Revenue		350,000
Salaries Expense	80,000
Rent Expense	55,000
Utilities Expense	35,000
Insurance Expense	45,000
Dividends	50,000

Requirements:

1. Prepare the adjusted trial balance for Sony Corp.
2. Prepare the income statement for the year ended December 31, 2023.
3. Prepare the statement of retained earnings for the year ended December 31, 2023.
4. Prepare the balance sheet as of December 31, 2023.
5. Identify any discrepancies and explain how they should be rectified.