The December $31,2024,$ adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Credits

S $250,000$

$60,000$

$60,000$

$8,000$

$2,000$

$400,000$

$100,000$

$800,000$

Totals

Required:

Prepare an income statement for the year ended December $31,2024,$ and a classified balance sheet as of December $31,2024$

Prepare the necessary closing entries on December $31,2024.$