The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 14,600 Accounts receivable 345,000 Prepaid rent 14,500 Inventory 54,000 Office equipment 640,000 Accumulated depreciation 266,000 Accounts payable 78,000 Notes payable (due in six months) 72,000 Salaries payable 7,800 Interest payable 2,400 Common stock 400,000 Retained earnings 165,000 Sales revenue 780,000 Cost of goods sold 468,000 Salaries expense 117,000 Rent expense 43,500 Depreciation expense 64,000 Interest expense 4,800 Advertising expense 5,800 Totals 1,771,200 1,771,200 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