The trial balance of Microsoft Corporation as of December 31, 2023, before adjustments, is as follows:

Account	Debit ($)	Credit ($)
Cash	50 billion
Accounts Receivable	60 billion
Inventory	70 billion
Prepaid Insurance	10 billion
Equipment	120 billion
Accumulated Depreciation		30 billion
Accounts Payable		40 billion
Salaries Expense	50 billion
Rent Expense	15 billion
Sales Revenue		100 billion
Cost of Goods Sold	55 billion
Income Tax Expense	20 billion

Additional adjustments:

• Depreciation expense for the year was 30 billion.
• Accrued salaries expense at the end of the year amounted to 5 billion.
• Prepaid insurance was adjusted to reflect 8 billion used during the year.

Required:

• Prepare an adjusted trial balance for Microsoft Corporation as of December 31, 2023.
• Prepare an income statement.
• Calculate the net income after taxes.