The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained

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The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year.

No. Account Title 101 Cash.... 126 Supplies 128 Prepaid insurance 167 Equipment. 168 Accumulated Building..


Required
1. Prepare the income statement and the statement of retained earnings for the current year ended December 31, and the classified balance sheet at December 31.
2. Prepare the necessary closing entries at December 31 of the current year.

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