The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Account Title	Debits	Credits
Cash	$ 20,000
Accounts receivable	335,000
Prepaid rent	13,500
Inventory	52,000
Office equipment	620,000
Accumulated depreciation		$ 258,000
Accounts payable		74,000
Notes payable (due in six months)		66,000
Salaries payable		7,600
Interest payable		2,200
Common stock		400,000
Retained earnings		155,000
Sales revenue		760,000
Cost of goods sold	456,000
Salaries expense	114,000
Rent expense	40,500
Depreciation expense	62,000
Interest expense	4,400
Advertising expense	5,400
Totals	$ 1,722,800	$ 1,722,800

Required:

1-a. Prepare an income statement for the year ended December 31, 2024.

1-b. Prepare a classified balance sheet as of December 31, 2024.

2. Prepare the necessary closing entries on December 31, 2024.