please help with this two part question!!

Abulss Bicycie specializes in custom painting and desigh of bicycles. December 31 is the companys fiscal year-end. information necessary to prepare the year-end adjustments appears below. 1. A three-year fire insurance policy was purchosed on July 1, 2024, for $21600. The company rocorded the amoumt in Prepaid insurance on July 1 . The cost of insurance prior to July totals $3700 2. Employee salaries of $27,400 for the month of December wil be paid in early January Salaries paid in the first 11 months of the year totaled $214,000 3. On November 1, 2024 , the company recelved $9,600 in cash from a customer requesting a custom design for six identical bikes (\$1,600 esch). The entire amount is recorded in Deferred Revenue on November 1 . By the end of the year, four of the bikes have been completed. Other revenues generated during the year total $304,000 4. Supplies at the beginning of the year totaled $4,400 Dunng 2024 , additional supplies of $20,400 were purchased and recorded in Supplies at the time of purchase. Supplies remaining ot the end of the year total $6,400. 5. Abulsa paid a local radio station $14,400 for four months of advertising on December 1,2024. The sdvertising will appear evenly over the four -momth period. The compsny recorded the entire amount in Prepaid Advertising on December 1. Advertising costs the first 11 months of the year total $16.200. 6. Abuisa borrowed $39,600 on March 12024 . The principal is due to be paid in five years. Interest is payoble each March 1 at an annual rate of 10x. Required: 1. Determine the adjustrients needed on December 31,2024 2. Prepare an income statement for Abulsa Bicycle for the year ended December 31, 2024 Note: Amounts to be deducted shoold be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Determine the adjustrnents needed on December 31, 2024. Abuisa Bicycle specializes in custom painting and design of bicycles. December 31 is the compary's fiscal year-end Information necessary to prepare the year-end adjustments appears below 1. A three-year fire insurance policy was purchased on July 1, 2024, for $21,600. The company recorded the amount in Prepaid insurance on July 1 The cost of insurance prior to July totals $3,700. 2. Employee salaries of $27,400 for the month of December will be paid in early January. Salaries paid in the first 11 months of the year totaled $214,000. 3. On November 1, 2024, the company recelved $9,600 in cash from a customer requesting a custom design for six. identical bikes (\$1,600 each). The entire amount is recorded in Deferred Revenue on November 1. By the end of the year, four of the bikes have been completed. Other revenues generated during the year total $304,000 4. Supplies at the beginning of the year totaled $4,400, During 2024 , additional supplies of $20,400 were purchased and recorded in Supplies at the time of purchese. Supples remaining at the end of the year total $6,400. 5. Abulse paid a local radio station $14,400 for four months of advertising on December 1,2024. The advertising will appear evenly over the fout-month period. The company recorded the entire amount in Prepaid Advertising on December 1. Advertising costs the first 11 months of the year total $16,200. 6. Abulsa borrowed $39,600 on March 1,2024 . The principal is due to be paid in five years. Interest is payable each March 1 at an annual rate of 10%. Required: 1. Determine the adjustments needed on December 31,2024. 2. Prepare an income statement for Abuisa Bicycle for the year ended December 31. 2024 Note: Amounts to be deducted should be indicated with a minus sign. Abulsa Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjustments appears below. 1. A three-year fire insurance policy was purchased on July 1,2024, for $21,600. The company recorded the amount in Prepaid Insurance on July 1 . The cost of insurance prior to July totals $3,700. 2. Employee salaries of $27,400 for the month of December wili be paid in early January. Salaries paid in the first 11 months of the year totaled $214,000. 3. On November 1,2024 , the company recelved $9,600 in cash from a customer requesting a custom design for six identical bikes ( $1,600 each). The entire amount is recorded in Deferred Revenue on November 1 . By the end of the year, four of the bikes have been completed. Other revenues generated during the year total $304,000. 4. Supplies at the beginning of the year totaled \$4,400, During 2024, addisional supplies of $20,400 were purchased and recorded in Supplies at the time of purchase. Supplies remaining at the end of the year total $6,400. 5. Abuisa paid a local radio station $14,400 for four months of advertising on December 1,2024 . The advertising will appear evenly over the four-month period. The company recorded the entire amount in Prepaid Advertising on December 1 . Advertising costs the first 11 months of the year total $16,200. 6. Abuisa borrowed $39,600 on March 1,2024 . The principal is due to be paid in five years, interest is payable each March 1 at an annual rate of 10%. Required: 1. Determine the adjustments needed on December 31,2024 2. Prepare an income statement for Abuisa Bicycle for the year ended December 31, 2024. Note: Amounts to be deducted should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Prepare an income statement for Abuisa Bicycle for the year ended December 31, 2024