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

Account Title	Debits		Credits
Cash	63,100
Accounts receivable	260,000
Prepaid rent	6,000
Inventory	37,000
Office equipment	470,000
Accumulated depreciation			198,000
Accounts payable			44,000
Notes payable (due in six months)			21,000
Salaries payable			6,200
Interest payable			700
Common stock			400,000
Retained earnings			80,000
Sales revenue			620,000
Cost of goods sold	372,000
Salaries expense	93,000
Rent expense	18,000
Depreciation expense	47,000
Interest expense	1,400
Advertising expense	2,400
Totals	1,369,900		1,369,900

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.