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Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,2024 , appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eightyear useful life with no residual value. 2. Accrued salaries at year-end should be $8,100. 3. The company borrowed $32,100 on September 1,2024 . The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $640. 5. Prepaid rent expired during the period is $14,800. Cash dividends paid to shareholders during the year amounted to $10,125. Required: 1. Complete the worksheet below. 2-a. Use the information in the worksheet to prepare an income statement for 2024. 2-b. Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. 2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2024. 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts

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