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

Account Title Debits Credits

Cash $ $49,200$

Accounts receivable $295,000$

Prepaid rent $9,500$

Inventory $44,000$

Office equipment $540,000$

Accumulated depreciation $ $226,000$

Accounts payable $58,000$

Notes payable $($due in six months$)42,000$

Salaries payable $6,900$

Interest payable $1,400$

Common stock $400,000$

Retained earnings $120,000$

Sales revenue $690,000$

Cost of goods sold $414,000$

Salaries expense $103,500$

Rent expense $28,500$

Depreciation expense $54,000$

Interest expense $2,800$

Advertising expense $3,800$

Totals $ $1,544,300$ $ $1,544,300$

Required:

$1-$a$.$ Prepare an income statement for the year ended December $31,2024.$

$1-$b$.$ Prepare a classified balance sheet as of December $31,2024.$

$2.$ Prepare the necessary closing entries on December $31,2024.$

Please make it easy to understand. Thank you.