BYUI updated for Accounting Cycle #$4$ from Problem $2-7$A $($Algo$)$ Preparing an income statement, statement of retained earnings, and balance sheet. LO P$1$ Added closing entries

Angel Valdez is an owner and manager of Angel V$\text{'}$s Inc., which began operations a few years prior. On December $31,$ AV's shows the following selected accounts and amounts for the fiscal year ended December $31.\backslash$table$[[$Account$,$Debit,Credit,Account,Debit,Credit$],[,$$$25,403,,$Common stock,,$$79,000$Additional information:

The Note receivable is due to the company in $3$ months.

The Notes payable is not due for $2$ years.

The Prepaid insurance is for a policy that expires October $1($good for $9$ more months$).$

The Prepaid rent is for the next $6$ months.

Bonds payable mature in $15$ years.

The Mortgage payable is due over a $20-$year period and $$15,000$ of the principal is due next year.

The company plans to hold the Investments in stock for at least the next $18$ months.

Required:

Prepare a January $1-$ December $31$ income statement for the business.

Prepare a January $1-$ December $31$ statement of retained earnings.

Prepare a December $31$ balance sheet.

Prepare the closing entries in the order outlined in the book and in clas.Required:

Prepare a January $1-$ December $31$ income statement for the business.

Prepare a January $1-$ December $31$ statement of retained earnings.

Prepare a December $31$ balance sheet.

Prepare the closing entries in the order outlined in the book and in class.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $4$

Prepare a January $1-$December $31$ income statement for the business.

Reminder: make sure to input the proper date format at the top of the statement.

$\backslash$table$[[$Angel V$\text{'}$s$,$ Inc.,$],[$Income Statement,,$],[,,],[,,],[,,],[,,0],[,,],[,,],[,,],[,,],[,,],[,,],[,,]]$

Account Debit Credit Account Debit Credit

Cash $ $25,403$ Common stock $ $79,000$

Accounts receivable $23,991$ Paid$-$in capital in excess of par$-$C$.$S$.486,529$

Allowance for doubtful accounts $817$ Retained earnings $229,939$

Interest receivable $101$ Cash Dividends $10,007$

Inventory $47,993$ Sales $2,297,990$

Supplies $10,419$ Sales discounts $13,268$

Prepaid insurance $3,271$ Sales returns & allowances $62,892$

Prepaid rent $5,389$ Interest revenue $2,204$

Notes receivable $39,000$ Gain on sale of plant asset $4,222$

Investment in stock $25,996$ Cost of goods sold $1,266,448$

Land $144,991$ Depreciation expense $44,325$

Buildings $1,394,999$ Amortization expense $4,155$

Equipment $216,800$ Salaries expense $569,992$

Accumulated Depreciation $-$ Buildings $85,444$ Insurance expense $1,456$

Accumulated Depreciation $-$ Equipment $45,276$ Rent expense $12,967$

Patents $42,000$ Supplies expense $114,404$

Accounts payable $32,281$ Utilities expense $3,867$

Salaries payable $21,293$ Interest expense $38,478$

Interest payable $7,421$ Income tax expense $22,206$

Income tax payable $1,743$ Bad debts expense $770$

Unearned revenue $8,411$ Freight$-$out $25,215$

Notes payable $57,807$ Loss on sale of plant asset $3,258$

Mortgage payable $582,584$

Bonds payable $231,100$ Totals $ $4,174,061$ $ $4,174,061$

prepare an income statment, statement of retained earnings, balance sheet, $4$ closing journal entries from these numbers