The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits: Credits Cash 41,500 Accounts receivable 305,000 Prepaid rent 10,500 Inventory 45,000 Office equipment 550,000 Accumulated depreciation 230,000 Accounts payable 62,000 Notes payable (due in six months) 45,000 Salaries payable 7,000 Interest payable 1,500 Common stock 400,000 Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense 125,000 700,000 420,000 105,000 31,500 55,000 Interest expense Advertising expense Totals 3,000 4,000 1,570,500 1,570,500 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. Complete this question by entering your answers in the tabs below.