The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Account Title Debits Cash $ 57,700 270,000 Accounts receivable Prepaid rent 7,000 39,000 490,000 Inventory Office equipment Accumulated depreciation $ 206,020 45,000 Accounts payable Notes payable (due in six months) 27,000 6,400 Salaries payable Interest payable References 900 Common stock 480,000 Retained earnings 90,000 Sales revenue 640,000 Cost of goods sold 384,000. Salaries expense 96,000 Rent expense 21,000 Depreciation expense 49,000 Interest expense Advertising expense 1,000 2,800 $ 1,418,300 $ 1,418,300 Totals 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