1. 1. The trial balance of ABC Company as of December 31, 2023, includes the following account balances:
      • Cash: $50,000
      • Accounts Receivable: $30,000
      • Inventory: $20,000
      • Prepaid Rent: $5,000
      • Equipment: $100,000
      • Accumulated Depreciation: $10,000
      • Accounts Payable: $15,000
      • Salaries Payable: $5,000
      • Common Stock: $50,000
      • Retained Earnings: $25,000
      • Sales Revenue: $150,000
      • Cost of Goods Sold: $60,000
      • Rent Expense: $10,000
      • Salaries Expense: $30,000
      • Utilities Expense: $5,000
      • Depreciation Expense: $5,000
      • Interest Expense: $2,000
      • Income Tax Expense: $8,000

   a. Prepare an adjusted trial balance assuming prepaid rent has expired $2,000. b. Prepare an income statement for the year ended December 31, 2023. c. Prepare a statement of retained earnings assuming dividends of $10,000 were declared and paid during the year.