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	$	7,500
104	Short-term investments		22,500
126	Supplies		8,100
128	Prepaid insurance		8,000
167	Equipment		40,000
168	Accumulated depreciationEquipment					$	20,000
173	Building		171,000
174	Accumulated depreciationBuilding						57,000
183	Land		62,860
201	Accounts payable						16,500
203	Interest payable						2,100
208	Rent payable						3,600
210	Wages payable						2,600
213	Property taxes payable						1,400
233	Unearned professional fees						7,300
244	Current portion of long term note payable						6,000
251	Long-term notes payable						62,500
307	Common stock						7,500
318	Retained earnings						121,400
319	Dividends		10,300
401	Professional fees earned						102,000
406	Rent earned						16,000
407	Dividends earned						2,700
409	Interest earned						2,100
606	Depreciation expenseBuilding		12,540
612	Depreciation expenseEquipment		6,000
623	Wages expense		30,500
633	Interest expense		3,400
637	Insurance expense		8,200
640	Rent expense		11,100
652	Supplies expense		7,200
682	Postage expense		4,000
683	Property taxes expense		3,400
684	Repairs expense		8,100
688	Telephone expense		2,700
690	Utilities expense		3,300
	Totals	$	430,700			$	430,700

O. Tybalt invested $7,500 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. Required: 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.