1 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 2 Number Account Title Debit points Credit 101 Cash. 126 Supplies $ 7,500 34,500 Skipped 128 Prepaid insurance 167 Equipment 7,000 50,000 168 173 Accumulated depreciation-Equipment $ 25,000 Building 159,000 174 Accumulated depreciation-Building 53,000 183 Land eBook 201 Accounts payable 65,940 15,500 203 Interest payable 2,100 20 Rent payable 3,600 210 Wages payable Print 2,200 213 Property taxes payable 1,400. 236 Unearned revenue 15,500) 251 Long-term notes payable. 62,500 301 o. Tybalt, Capital References 131,500 302 o. Tybalt, Withdrawals 12,000 404 Services revenue 102,000 406 Rent revenue 15,000 409 Interest revenue 5,500 606 Depreciation expense-Building 11,660 612 Depreciation expense-Equipment 7,500 623 Wages expense 44,700 633 Interest expense 4,400 637 Insurance expense 8,800 640 Rent expense 13,000 652 Supplies expense 5,400 683 Property taxes expense Totals 3,400 $ 434,800 $434,800 Mc Oro Tybalt invested $7,500 cash in the business during the year. The O. Tybalt, Capital account balance was $124,000 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.