XERCISE 2-14 (Miyoj Filialicial Statements and closing enn 27, 20 The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented bel Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in six months) Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Required: Debits $ 49,200 Credits 295,000 9,500 44,000 540,000 $ 226,000 58,000 42,000 6,900 1,400 400,000 120,000 690,000 414,000 103,500 28,500 54,000 2,800 3,800 $ 1,544,300 $ 1,544,300 1-a. Prepare an income statement for the year ended December 31, 2024. 1-b. Prepare a classified balance sheet as of December 31, 2024. 2. Prepare the necessary closing entries on December 31, 2024.