The adjusted trial balance of Blume Imigation System at December 31, 2016, 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, 2016. (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) Blume Irrigation System Income Statement Year Ended December 31, 2016 Net Income (Loss) Requirement 2. Prepare the company's statement of owner's equity for the year ended December 31, 2016. Assume that there were no contributions made by the owner during the year. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Use a minus sign or parentheses to show a decrease in capital Exclude any zero-balance events for the period from the statement of owner's equity) Blume Irrigation System Statement of Owner's Equity Year Ended December 31, 2016 Blume, Capital, January 1, 2016 Blume, Capital, December 31, 2016 Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2016. (If a box is not used in the balance sheet, leave the box empty, do not select a label or enter a zero.) Blume Irrigation System Balance Sheet December 31, 2016 Assets Choose from any list or enter any number in the input fields and then continue to the next question The adjusted trial balance of Blume Irrigation System at December 31, 2016, follows: (Click the icon to view the adjusted trial balance) Read the requirements Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2016, (If a box is not used in the balance sheet, leave the box empty, do not select a label or enter a zero) Blume Irrigation System Balance Sheet December 31, 2016 Assets Less Less Liabilities Owner's Equity Requirement 4. Journalize the closing entries for Blume Irrigation System (Record debts fest, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues Date Dec. 31 Clos (1) Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question The adjusted trial balance of Blume Irrigation System at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 4. Journalize the closing entries for Blume Irrigation System (Record debits first, then credits. Select the explanation on the last Sine of the journal entry table.) Start by closing revenues. Date Dec. 31 Clos (1) Accounts and Explanation Debit Credit Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos (2) Close Income Summary Date Dec. 31 Clos (3) Close withdrawals. Date Dec. 31 Clos (4) Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 5. Compute the company's current ratio at December 31, 2016. At December 31, 2015, the current ratio was 1.8. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? 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 1.8 one year ago, Blume's ability to pay its current liabilities has Choose from any list or enter any number in the input fields and then continue to the next question Prepare Lade by the ases in ca apital Ex Data Table Blume Irrigation System Adjusted Trial Balance December 31, 2016 that there w or parenthe Yea Balance Account Title Debit Credit January Cash $ 49.710 Accounts Receivable 47.500 Office Supplies 3.790 Prepaid Insurance 4.600 Decembe Equipment 28.000 Prepare Accumulated Depreciation--Equipment $ 6,500 used in the box emp Building 56,100 Accumulated Depreciation-Building 25.000 Accounts Payable 42,000 Interest Payable 1200 Salaries Payable 3.500 Uneamed Revenue Notes Payable (long-term) Blume, Capital Blume, Withdrawals Service Revenue 1.300 30,100 30,000 2.500 75,800 Insurance Expense Salaries Expense 800 15,700 Supplies Expense 1,000 my list or Interest Expense 1.200 Depreciation Expense-Equipment 2.000 1.900 Depreciation Expense-Bulding 215,400 S 215,400 Total Print Done