Problem 4-4A (Algo) Preparing financial statements and closing entries LO C1, P2 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Number 101 126 128 167 168 173 174 183 201 203 208 210 213 236 251 301 302 404 406 409 606 612 623 633 637 640 652 683 Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Long-term notes payable 0. Tybalt, Capital 0. Tybalt, Withdrawals 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 Debit Credit $ 6,500 33, 100 7,100 55,000 $ 27,500 156,000 52,000 63,810 17,500 2,400 3,700 2,600 900 15,500 61,500 127,700 10,000 102,000 16,000 5, 200 11,440 8,250 49,500 4,100 7,600 10,000 7,200 4,900 $ 434,500 $ 434,500 Oro Tybalt invested $6,500 cash in the business during the year. The O. Tybalt, Capital account balance was $121,200 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity 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