The December $31,2024,$ adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Account Title Debits Credits

Cash $ $41,500$

Accounts receivable $305,000$

Prepaid rent $10,500$

Inventory $45,000$

Office equipment $550,000$

Accumulated depreciation $ $230,000$

Accounts payable $62,000$

Notes payable $($due in six months$)45,000$

Salaries payable $7,000$

Interest payable $1,500$

Common stock $400,000$

Retained earnings $125,000$

Sales revenue $700,000$

Cost of goods sold $420,000$

Salaries expense $105,000$

Rent expense $31,500$

Depreciation expense $55,000$

Interest expense $3,000$

Advertising expense $4,000$

Totals $ $1,570,500$ $ $1,570,500$

Required:

$1-$a$.$ Prepare an income statement for the year ended December $31,2024.$

$1-$b$.$ Prepare a classified balance sheet as of December $31,2024.$

$2.$ Prepare the necessary closing entries on December $31,2024.$The December $31,2024,$ adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Required:

$1-$a$.$ Prepare an income statement for the year ended December $31,2024.$

$1-$b$.$ Prepare a classified balance sheet as of December $31,2024.$

Prepare the necessary closing entries on December $31,2024.$ PLEASE ANSWER ALL PARTS