Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $24,800 15,600 12,400 150,000 $6,900 6,000 145,000 44,900 $202,800 $202,800 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 201 9. December 301 Provide storage services for cash, $136,100, and on account, $53,200. Collect on accounts receivable, $51,700. Receive cash in advance from customers, $13,100. Purchase supplies on account, $9,600. Pay property taxes, $8,700. Pay on accounts payable, $11,600. Pay salaries, $125,600. Issue shares of common stock in exchange for $29,000 cash. Pay $3,000 cash dividends to stockholders. Problem 3-9A (Algo) Part 8 8-a. Prepare the income statement for the year ended December 31, 2024. Service Revenue ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 Expenses: Property Tax Expense Salaries Expense Supplies Expense Total Expenses Net Income 0 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. ZIPS STORAGE Balance Sheet December 31, 2024 Assets Current assets: Total current assets Long-term assets: 0 Liabilities Current liabilities: Total current liabilities Stockholders' Equity Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0