The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 21,000 300,000 10,000 50,000 600,000 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 250,000 60,000 60,000 8,000 2,000 400,000 100,000 800,000 480,000 120,000 30,000 60,000 4,000 5,000 1,680,000 1,680,000 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. ect for the work y BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit $ 800,000 480,000 320,000 $ Salaries expense Rent expense Depreciation expense Advertising expense 120,000 30,000 60,000 5,000 215,000 105,000 Interest expense Net income (4,000) 101,000 $ Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be inc BLUEBOY CHEESE CORPORATION Balance sheet At December 31, 2021 Assets Current assets Cash $ Accounts receivable Prepaid rent Inventory 21,000 300,000 10,000 50,000 381,000 $ 381,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Notes payable $ 60,000 60.000 0 $ 381,000 Liabilities and Shareholders' Equity $ Current liabilities Accounts payable Notes payable Salaries payable Interest payable 60,000 60,000 8,000 2,000 130,000 Shareholders' equity Common stock Retained earnings Total assets and shareholders' equity $ 400,000 201,000 >> 601,000 $ 731,000 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 Credit General Journal Debit 800,000 December 31, 202 Sales revenue 1 Retained earnings 800,000 2 December 31, 202 Retained earnings 101,000 101,000 Deferred service revenue