The adjusted trial balance for Tybal Construction on December 31 of the current year follows. Credit $ 22,500 60,000 TTBUT CONTACTO Aduated Trial balance December 31 Ho Account Title bebit 101 Cash $ 7,000 104 Short-term investments 24,000 126 Supplies 9,600 128 Penpaid Insurance 8,000 167 Equipent 45,000 168 Acumulated depreciation-iquipment 173 Building 180,000 174 Accumulated depreciation-building 18) Land 47,250 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 21 Property taxes payable 236 Unearned revenue 244 Current portion of long-ter note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 12,900 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-building 13,200 612 Depreciation expense-Equipment 6,750 623 Wages expense 28,500 633 Interest expense 4,100 637 Insurance expense 8,800 640 Rent expense 13,000 652 Supplies expense 5,900 682 Postage expense 3,100 683 Property taxes expense 3,900 684 Repairs expense 6,300 688 Telephone expense 2.000 690 Utilities expense 4,500 Totals $433,800 16,000 2,100 3,800 3,000 1,400 7,600 6,500 59,500 7.000 123,200 99,000 15,500 2.400 2,300 $433,800 Oro Tybalt invested 57.000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $125,200 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 retained earnings for the current year ended December 31 1c. Prepare the classified balance sheet at December 31 2. Prepare the necessary closing entries at December 31 of the current year