Prepare the classified balance sheet at December 31 . alance was $121,400 on December 31 of the prior year. equired: a. Prepare the income statement for the current year ended December 31. b. Prepare the statement of retained earnings for the current year ended December 31. c. Prepare the classified balance sheet at December 31. . Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare the statemenifof retained earnings for the current year ended December 31 . Pro Iybait unvested $5,000 casn in the business in exchange ror common stock during the year, The Retained Eornings account bolance was $121,400 on December 31 of the prior year. Required: ha. Prepare the income statement for the current year ended December 31 . ro Tybalt imvested $5,000 cash in the business in exchange for common stock during the year. The Retained Earnings account alance was $121,400 on December 31 of the prior year. tequired: a. Prepare the income statement for the current year ended December 31 . b. Prepare the statement of retained earnings for the current year ended December 31. c. Prepare the classified balance sheet at December 31 . . Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare the income statement for the current year ended December 31. Prepare the necessary closing entries at December 31 of the current year. Journal entry worksheet Record the entry to close the reveue account(s). Note: Enter debits before credits