The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows Credit $ Debit 7,500 25,000 8,800 8,000 50,000 $ 25,000 174,000 58,000 59,040 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title 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 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 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 17,000 2,600 3,600 2,600 700 8,000 6,500 60,500 128,900 19,900 103,000 17,000 2,100 2,600 2,100 2,600 12,760 7,500 27,500 8,000 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals 5,800 2,500 7,600 2,000 3,800 $438,100 $438,100 O. Tybalt invested $7,500 cash in the business during year 2019 (the December 31, 2018, credit balance of the O. Tybalt, Capital account was $121,400). Required: 1o. Prepare the income statement for the calendar year 2019 1b. Prepare the statement of owner's equity 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 3. Use the information in the financial statements to compute the following ratios