- X Data Table Brinney Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 15,600 Accounts Receivable 46,200 Office Supplies 32,900 Prepaid Insurance 6,100 Building 61,000 Accumulated DepreciationBuilding $ 24,700 Equipment 27,000 Accumulated Depreciation- Equipment 7,000 Accounts Payable 35,800 Interest Payable 400 Salaries Payable 4,000 Unearned Revenue 1,800 Notes Payable (long-term) 58,200 Common Stock 13,000 Retained Earnings 15,000 Dividends 3,200 Service Revenue 55,300 Insurance Expense 1,400 Salaries Expense 16,700 Supplies Expense 900 Interest Expense 400 Depreciation Expense-Equipment 2,300 Depreciation Expense-Building 1,500 $ Total 215,200 $ 215,200 et e Print Done Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Brinney Irrigation System Income Statement Year Ended December 31, 2018 S Net Income (Loss) Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. Brinney Irrigation System Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 Retained Earnings, December 31, 2018 Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2018. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Brinney Irrigation System Balance Sheet December 31, 2018 Assets Less Less: Liabilities Stockholders' Equity III Requirement 4. Journalize the closing entries for Brinney Irrigation System. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Clos (1) Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Close Income Summary Accounts and Explanation Debit Credit Date Dec. 31 Clos. (3) Close Dividends. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) Requirement 5. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ratio was 2.3. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) = Current ratio Since the current ratio was 2.3 one year ago, Brinney's ability to pay its current liabilities has