Problem 3-6A Preparing closing entries and financial statements LO P6, P7 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit Credit 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable $ 5,000 23,000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55,000 16,500 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long-term note payable 251 Long-term notes payable 307 Common stock 2,500 3,500 2,500 900 7,500 7,000 60,000 5,000 318 Retained earnings 319 Dividends 406 Rent earned 121,400 13,000 401 Professional fees earned 97,000 14,000 407 Dividends earned 2,000 409 Interest earned 2,100 606 Depreciation expense-Building 11,000 612 Depreciation expense-Equipment 6,000 623 Wages expense 32,000 633 Interest expense 5,100 637 Insurance expense 10,000 640 Rent expense 13,400 652 Supplies expense 7,400 682 Postage expense 4,200 683 Property taxes expense 5,000 684 Repairs expense 8,900 688 Telephone expense 3,200 690 Utilities expense 4,600 Totals $411,900 $411,900 O. Tybalt invested $5,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,400. Required: 1a. Prepare the income statement for the calendar-year 2019. 1b. Prepare the statement of retained earnings for the calendar-year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019.