1a. prepare the income statement for the current year ended December 31

1b. prepare the statement of retained earnings 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

Credit Debit $ 7,500 32,400 8,900 50,000 $ 25,000 162,000 54,000 68,020 Number 101 126 128 167 168 173 174 183 201 203 208 210 213 236 251 307 318 319 403 406 409 606 612 623 633 637 640 652 683 Adjusted Trial Balance December 31 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable Interest payable 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 15,500 2,000 3,100 2,400 1,200 16,900 61,500 7,500 124, 200 10,200 99,000 17,500 4,500 11,880 7,500 42,200 3,200 9,000 11,600 5,400 4,500 $ 434,300 $ 434,300 The Retained Earnings account balance was $124,200 on December 31 of the prior year