The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. 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 Debits $ 68,500 250,000 5,000 35,000 450,000 Credits 4 $ 190,000 40,000 15,000 6,000 500 400,000 70,000 600,000 360,000 90,000 15,000 45,000 1,000 2,000 $ 1,321,500 $ 1,321,500 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.

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