The adjusted trial balance of Bradford 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 box is not used loss.) Bradford Irrigation System Income Statement Year Ended December 31, 2024 Revenues: Service Revenue 75,000 Expenses: Insurance Expense 1,200 Salaries Expense 16,200 Supplies Expense 1,300 Interest Expense 2,400 Depreciation Expense-Equipment 2,300 Depreciation Expense-Building 2,000 Total Expenses 25,400 Net Income (Loss) 49,600 1. Prepare the company's income statement for the year ended December 31, 2024. 2. Prepare the company's statement of owner's equity for the year ended December 31, 2024. (Assume that there were no contributions made by the owner during the year.) 3. Prepare the company's classified balance sheet in report form at December 31, 2024. 4. Journalize the closing entries for Bradford Irrigation System. 5. Compute the company's current ratio at December 31, 2024. At December 31, 2023, the current ratio was 2.5. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Bradford Irrigation System Adjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash 15,600 Accounts Receivable 51,000 Office Supplies 21,800 6,100 57,400 $ 24,100 22,000 Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Salaries Payable 7,100 38,300 2,400 2,700 1,600 11.100 Unearned Revenue Notes Payable (long-term) Bradford, Capital Bradford, Withdrawals 40,000 3,000 Print Done Prepara insurance O, TUU 57,400 $ 24,100 22.000 7,100 38,300 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Bradford, Capital Bradford, Withdrawals 2,400 2,700 1,600 11,100 40,000 3,000 Service Revenue 75,000 1,200 16,200 Insurance Expense Salaries Expense Supplies Expense Interest Expense 1,300 2,400 Depreciation Expense-Equipment 2,300 Depreciation Expense-Building 2,000 $ 202,300 $ Total 202,300