The adjusted trial balance of Bennett Irrigation System at December 31, 2018, follows:

Requirement 1. Prepare the company's income statement for the year ended December 31, 2018.

(If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.)

Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018.

Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal.

Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2018.

(If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.)

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.

X i Data Table Bennett Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 15,800 Accounts Receivable 49,200 Office Supplies 8,900 Prepaid Insurance 5,300 Building 62,000 Accumulated Depreciation-Building 24.800_ Print Done 23,000 Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends 7,800 28.400 400 2.900 1,300 41.900 14,000 6,000 2,500 Service Revenue 61,500 - Print Done 14,000 Common Stock Retained Earnings 6,000 Dividends 2,500 61,500 Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense-Building 1,000 15,800 1,300 400 2,800 1,200 189,000 $ 189,000 Total 1. Prepare the company's income statement for the year ended December 31, 2018 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018 3. Prepare the company's classified balance sheet in report form at December 31, 2018 4. Journalize the closing entries for Bennett Irrigation System. 5. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ratio was 2.6. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Print Done