The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 51,900 290,000 9,000 43,000 530,000 Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 222,000 56,000 39,000 6,800 1,300 400,000 115,000 680,000 408,000 102,000 27,000 53,000 2,600 3,600 1,520,100 1,520,100 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2 Prepare an income statement for the year ended December 31, 2021. BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2021 680,000 408,000 272,000 Sales revenue Cost of goods sold Gross profit Operating expenses Advertising expense Salaries, exnense. OOOOOO $ 3,600 ..1.02.000 Rent expense Depreciation expense 27,000 53,000 0 0 185,600 86,400 Total operating expenses Operating income Other expenses Interest expense Net income 2,600 83,800 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2 Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) BLUEBOY CHEESE CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash $ 51,900 Accounts receivable Prepaid rent Inventory 290,000 9,000 43,000 0 Total current assets 393,900 308,000 $ 701,900 Property and equipment Office equipment $ 530,000 Less: Accumulated depreciation (222,000) Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Note payable Salaries payable Interest payable $ 56,000 39,000 6,800 1,300 0 103,100 Total current liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 400,000 198,800 598,800 $ 701,900 X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2 Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 December 31, 202 Sales revenue 680,000 680,000 2 December 31, 202 596,200 Cost of goods sold Advertising expense Salaries expense OOOO 408,000 3,600 102,000 27,000 Rent expense Depreciation expense Interest expense 53,000 2,600