Required:

$1.$ Prepare the journal entries required for $2023,$ including any year$-$end adjusting entries. Provide an explanation of why each journal entry is required and how it was calculated $($you can show your calculation in the Excel spreadsheet$).$ The company prepares annual adjusting entries.

$2.$ Prepare the classified Statement of Earnings, Statement of Retained Earnings, and classified Statement of Financial Position, for the period ended and as at December $31,2023.$