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$],[,$$$25,405,,$Common stock,,$$80,000$ 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 class.