The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Accounts receivable Prepaid rent Inventory Debits $ 17,300 Credits 340,000 14,000 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 53,000 630,000 $ 262,000 76,000 69,000 7,700 2,300 400,000 160,000 770,000 462,000 115,500 42,000 63,000 4,600 5,600 $ 1,747,000 $ 1,747,000 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.