The adjusted trial balance for Tybalt Construction as of December 31, 2019. follows. O. Tybalt invested $5,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,400. Problem 3-6A Preparing closing entrie and financial statement P6 P7 : : 251 Adjusted Triat Balance December 31, 2019 Account Title Debit Credit 101 Cash $ 5,000 104 Short-term investments.. 126 23,000 Supplies .... 8,100 128 Prepaid Insurance . 7,000 167 Equipment. 40,000 168 Accumulated depreciation-Equipment $ 20,000 173 Building 150,000 174 Accumulated depreciation-Building .... 50,000 183 Land 55,000 201 Accounts payable 16,500 203 Interest payable 2.500 208 Rent payable 3,500 210 Wages payable... 2.500 213 Property taxes payable ..... 900 233 Unearned professional fees. 7,500 244 Current portion of long-term note payable 7.000 Long-term notes payable.. 60,000 307 Common stock .......... 5,000 318 Retained earnings ...... .... 121,400 319 Dividends. 13,000 401 Professional fees earned....... 97.000 406 Rent earned ... 14,000 Dividends earned.. 2,000 409 Interest earned.. 2,100 606 Depreciation expense-Building .... 11,000 612 Depreciation expense-Equipment.. 6,000 623 Wages expense ............ 32,000 Interest expense....... 5,100 637 Insurance expense...... 10,000 640 Rent expense.. 13.400 652 Supplies expense........ 7,400 Postage expense.. . 4.200 683 Property taxes expense... 5,000 684 Repairs expense... . 8.900 688 Telephone expense..... 3,200 690 4.600 Utilities expense.. Totals. $411.900 $411.900 Required 1. Prepare the income statement and the statement of retained earnings for calendar year 2019 and the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019. 407 633 682 Check Total 112/31/2019). $218,100. Net income. $4,300