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 $ 7,000 104 Short-term investments 24,000 126 Supplies 9,000 128 Prepaid insurance 8,200 167 Equipment 50,000 168 Accumulated depreciationEquipment $ 25,000 173 Building 177,000 174 Accumulated depreciationBuilding 59,000 183 Land 54,520 201 Accounts payable 15,500 203 Interest payable 3,000 208 Rent payable 3,700 210 Wages payable 2,700 213 Property taxes payable 800 233 Unearned professional fees 7,100 244 Current portion of long term note payable 7,000 251 Long-term notes payable 61,500 307 Common stock 7,000 318 Retained earnings 124,600 319 Dividends 11,000 401 Professional fees earned 100,000 406 Rent earned 16,500 407 Dividends earned 2,500 409 Interest earned 2,400 606 Depreciation expenseBuilding 12,980 612 Depreciation expenseEquipment 7,500 623 Wages expense 27,500 633 Interest expense 4,100 637 Insurance expense 8,000 640 Rent expense 10,200 652 Supplies expense 7,400 682 Postage expense 2,600 683 Property taxes expense 4,500 684 Repairs expense 6,000 688 Telephone expense 3,100 690 Utilities expense 3,700 Totals $ 438,300 $ 438,300 O. Tybalt invested $7,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $124,600.

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.