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TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $ 6,500 104 Short-term investments 23, 500 126 Supplies 9,500 128 Prepaid insurance 7, 200 167 Equipment 55,000 168 Accumulated depreciation-Equipment $ 27,500 173 Building 156,060 174 Accumulated depreciation-Building 52, 000 183 Land 71, 310 201 Accounts payable 18, 000 203 Interest payable 2, 300 208 Rent payable 3, 600 210 Wages payable 2, 100 213 Property taxes payable 1, 300 233 Unearned professional fees 7 , 300 251 Long-term notes payable 68, 500 301 0. Tybalt, Capital 129, 560 302 0. Tybalt, Withdrawals 12, 700 401 Professional fees earned 100, 060 406 Rent earned 18, 060 407 Dividends earned 2, 400 409 Interest earned 2, 200 606 Depreciation expense-Building 11, 440 612 Depreciation expense-Equipment 8, 250 623 Wages expense 25, 500 633 Interest expense 3,100 637 Insurance expense 8,400 640 Rent expense 12, 800 652 Supplies expense 5 , 500 682 Postage expense 2, 300 683 Property taxes expense 3, 100 684 Repairs expense 6, 100 688 Telephone expense 2, 500 690 Utilities expense 4,000 Totals $434,700 $434,700 O. Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $123,000). Tybalt Construction is required to make a $8,000 payment on its long-term notes payable during 2018. Required: la. Prepare the income statement for the calendar-year 2017. 1b. Prepare the statement of owner's equity for the calendar-year 2017. 1c. Prepare the classified balance sheet at December 31, 2017. 2. Prepare the necessary closing entries at December 31. 2017