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.

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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No. Account Title 101 Cash.... 126 Supplies 128 Prepaid insurance 167 Equipment. 168 Accumulated Building.. 173 174 Accumulated 183 Land...... 201 Accounts payable. 203 Interest payable.. 208 210 213 236 251 307 318 319 403 406 409 606 612 623 633 637 640 652 683 depreciation-Equipment. depreciation-Building. Adjusted Trial Balance December 31 Rent payable.. Wages payable... Property taxes payable Unearned revenue.... Long-term notes payable.. Common stock.. Retained earnings Dividends... Services revenue Rent revenue Interest revenue... Depreciation expense-Building... Depreciation expense-Equipment.. Wages expense Interest expense.. Insurance expense. Rent expense. Supplies expense.. Property taxes expense. Totals... Dobit $ 7,400 15,800 1,000 24,000 100,000 30,500 8,000 2,000 1,000 22,030 1,550 1,525 3,600 1,000 4,825 $224,230 Credit $ 4,000 10,000 3,500 1,750 400 1,280 3,330 9,150 31,600 15,000 77,800 59,600 4,500 2,320 $224,230