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

Account Title Debits Credits

Cash $ $38,800$

Accounts receivable $310,000$

Prepaid rent $11,000$

Inventory $46,000$

Office equipment $560,000$

Accumulated depreciation $ $234,000$

Accounts payable $64,000$

Notes payable $($due in six months$)48,000$

Salaries payable $7,100$

Interest payable $1,600$

Common stock $400,000$

Retained earnings $130,000$

Sales revenue $710,000$

Cost of goods sold $426,000$

Salaries expense $106,500$

Rent expense $33,000$

Depreciation expense $56,000$

Interest expense $3,200$

Advertising expense $4,200$

Totals $ $1,594,700$ $ $1,594,700$

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 $31,2024.$ Req $1$A

Req $1$B

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

$\backslash$table$[[$BLUEBOY CHEESE CORPORATION,$],[$Income Statement,,$],[,,],[,,],[,,],[$Operating expenses:,,$],[,,],[,,],[,,],[,,],[$Total operating expenses,,$],[,,],[,,],[,,],[,,]]$ Journal entry worksheet

Record the entry to close the revenue accounts.

Note: Enter debits before credits.