Problem 3-7A (Algo) Preparing financial statements and closing entries LO C2, P5, P6 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Eamings account balance was $125,400 on December 31 of the prior year. Required: 10. 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 yeat Prepare the income statement for the current year ended December 31. The Retained Earning] account balance was $125,400 on December 31 of the prior year. Requlred: 10. Prepare the income statement for the current year ended December 31. 1b. Prepare the statemerit of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current yeat. 2. Prepare the necessary closing entries at December 31 of the current year. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the current year ended December 31 . The Retained Earnings account balance was $125,400 on December 31 of the prior year. Required: 10. 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. ic. 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: Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the necessary dosing entries at December 31 of the current year