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The general ledger of Zips Storage at January $1,2024,$ includes the following account balances:

$\backslash$table$[[$Accounts$,$Debits,Credits$],[$Cash$,$$$25,400,],[$Accounts Receivable,$16,200,],[$Prepaid Insurance,$13,600,],[$Land$,156,000,],[$Accounts Payable,,$$7,500],[$Deferred Revenue,,$6,600],[$Common Stock,,$151,000],[$Retained Earnings,,$46,100],[$Totals$,$$$211,200,$$$211,200]]$

The following is a summary of the transactions for the year:

January $9$ Provide storage services for cash, $$142,100,$ and on account, $$56,200.$

February $12$ Collect on accounts receivable, $$52,300.$

April $25,$ Receive cash in advance from customers, $$13,700.$

May $6,$ Purchase supplies on account, $$10,800.$

July $15$ Pay property taxes, $$9,300.$

September $10$ Pay on accounts payable, $$12,200.$

October $31$ Pay salaries, $$131,600.$

November $20$ Issue shares of common stock in exchange for $$35,000$ cash.

December $30$ Pay $$3,600$ cash dividends to stockholders.

Award: $2\mathrm{.}50$ points

$8-$a$.$ Prepare the income statement for the year ended December $31,2024.$

$\backslash$table$[[$ZIPS STORAGE,,$],[$Income Statement,,$],[,,],[,,],[,,],[$Expenses:$,,],[,,],[,,],[,,],[,,],[$Total Expenses,,$],[,,],[,,]]$

$8-$b$.$ Prepare the classified balance sheet for the year ended December $31,2024.$

$\backslash$table$[[$ZIPS STORAGE$],[$Balance Sheet$],[$December $31,2024],[$Current assets:,,,Current liabilities:,,$],[,,,,,],[+,,,,,],[,,,$Total current liabilities,,$0],[,,$Stockholders' Equity$],[$Total current assets,,$0,,,],[$Long$-$term assets:,,,,,$],[-,,,,,],[,,,,,],[(,,,$Total stockholders' equity,,$0],[$Total assets,$$,0,$Total liabilities and stockholders' equity,$$,0]]$

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