The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 30,700 325,000 12,500 49,000 590,000 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 246,000 70,000 57,000 7,400 1,900 400,000 145,000 740,000 444,000 111,000 37,500 59,000 3,800 4,800 1,667,300 1,667,300 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