The general ledger of Ryan Racing at January 1, 2024, includes the following account balances: Credits Debits $47,500 31,700 116,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals $15,900 36,000 106,000 38,100 $196,000 $196,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $68,400. Provide services to customers for cash, $78,300. Collect on accounts receivable, $46,300. Issue shares of common stock in exchange for $36,000 cash. Purchase supplies account, $13,300. Pay on accounts payable, $11.900. Pay salaries for employee work in the current year, $70,200. Pay advertising for the current year, $23,100. Pay $3,500 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,100 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,100 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,900. Required: 1.3.6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,100 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,100 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,900. 7. Prepare an adjusted trial balance. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. 9. Record closing entries. 11. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Prepare the income statement for the year ended December 31, 2024. RYAN RACING Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses 0 Regs 1 3 6 10 Reg 2 Reg 4 Reg 5 Reg 7 Req 8A Req 8B Reg 9 Reg 11 Prepare the classified balance sheet for the year ended December 31, 2024. RYAN RACING Balance Sheet December 31, 2024 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Liabilities Long-Term Liabilities: Total Liabilities $ 0 Stockholders' Equity 0 Total Current Assets Long-term assets: 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ 0