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

Account Title	Debits	Credits
Cash	$ 41,500
Accounts receivable	305,000
Prepaid rent	10,500
Inventory	45,000
Office equipment	550,000
Accumulated depreciation		$ 230,000
Accounts payable		62,000
Notes payable (due in six months)		45,000
Salaries payable		7,000
Interest payable		1,500
Common stock		400,000
Retained earnings		125,000
Sales revenue		700,000
Cost of goods sold	420,000
Salaries expense	105,000
Rent expense	31,500
Depreciation expense	55,000
Interest expense	3,000
Advertising expense	4,000
Totals	$ 1,570,500	$ 1,570,500

Required:

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

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

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

Prepare an income statement for the year ended December 31, 2024. BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2024 Operating expenses: Total operating expenses Other expense: FA 0 0 0 0