The Sky Blue Corporation has the following adjusted trial balance at December 31.

	Debit				Credit
Cash	$	1,370
Accounts Receivable		3,400
Prepaid Insurance		3,700
Notes Receivable (long-term)		4,400
Equipment		19,000
Accumulated Depreciation					$	5,400
Accounts Payable						6,820
Salaries and Wages Payable						1,700
Income Taxes Payable						4,300
Deferred Revenue						880
Common Stock						3,800
Retained Earnings						1,560
Dividends		440
Sales Revenue						54,630
Rent Revenue						440
Salaries and Wages Expense		24,400
Depreciation Expense		2,700
Utilities Expense		5,620
Insurance Expense		2,800
Rent Expense		7,400
Income Tax Expense		4,300
Total	$	79,530			$	79,530

1. Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

2. Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)