The adjusted trial balance of Bechard Irrigation System at December 31, 2018, follows: E (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, 2018. (If a box is Bechard Irrigation System Income Statement Year Ended December 31, 2018 Net Income (Loss) Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. E- Bechard Irrigation System Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 Retained Earnings, December 31, 2018 Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2018. (If a box is not used Bechard Irrigation System Balance Sheet December 31, 2018 Assets Less Less Liabilities Liabilities Stockholders' Equity Requirement 4. Journalize the closing entries for Bechard Irrigation System (Record debits first, then credits. Select the explanatic Start by closing revenues Date Accounts and Explanation Debit Credit Dec. 31 Clos (1) Close expenses for the period. Debit Credit Date Accounts and Explanation Dec. 31 Clos (2) Close Income Summary Debit Credit Date Accounts and Explanation Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question o Type here to search P223a Close Income Summary Date Accounts and Explanation Debit Credit Dec 31 Clos. (3) Close Dividends Date Accounts and Explanation Debit Credit Dec. 31 Clos (4) Requirement 5. Compute the company's current ratio at December 31, 2018 Ar December 31, 2017, the current ratio was 26. Did the company Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places) Current ratio Since the current ratio was 26 one year ago, Bechard's ability to pay its current liabilities has Data Table Bechard Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit $ 12,800 Cash 47.500 25.900 5,000 57.100 S 24 400 22.000 6.800 31.200 Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends 1.500 3.800 1.500 27.200 14,000 11,000 current ra 2.700 al places 75.400 Service Revenue 1300 Insurance Expense Print Done n 47 500 25.900 5.000 57.100 $ Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Salaries Payable 24,400 22.000 6.800 31,200 1,500 3.800 Unearned Revenue 1,500 27 200 14.000 11.000 2,700 w 75 400 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 1,300 15,900 900 Je? ntra 1,500 ces 2,600 1,600 $ 196,800 $ 196,800 Total