The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Account Title	Debits		Credits
Cash	33,400
Accounts receivable	320,000
Prepaid rent	12,000
Inventory	48,000
Office equipment	580,000
Accumulated depreciation			242,000
Accounts payable			68,000
Notes payable (due in six months)			54,000
Salaries payable			7,300
Interest payable			1,800
Common stock			400,000
Retained earnings			140,000
Sales revenue			730,000
Cost of goods sold	438,000
Salaries expense	109,500
Rent expense	36,000
Depreciation expense	58,000
Interest expense	3,600
Advertising expense	4,600
Totals	1,643,100		1,643,100

Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. 2. Prepare the necessary closing entries at December 31, 2021.