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	$	6,500
104	Short-term investments		22,500
126	Supplies		9,800
128	Prepaid insurance		7,400
167	Equipment		45,000
168	Accumulated depreciationEquipment					$	22,500
173	Building		177,000
174	Accumulated depreciationBuilding						59,000
183	Land		54,170
201	Accounts payable						16,000
203	Interest payable						2,100
208	Rent payable						3,600
210	Wages payable						2,000
213	Property taxes payable						1,200
233	Unearned professional fees						7,700
244	Current portion of long term note payable						8,500
251	Long-term notes payable						59,500
301	O. Tybalt, Capital						131,800
302	O. Tybalt, Withdrawals		10,900
401	Professional fees earned						98,000
406	Rent earned						15,000
407	Dividends earned						2,300
409	Interest earned						2,700
606	Depreciation expenseBuilding		12,980
612	Depreciation expenseEquipment		6,750
623	Wages expense		27,000
633	Interest expense		3,400
637	Insurance expense		8,700
640	Rent expense		11,800
652	Supplies expense		5,800
682	Postage expense		3,100
683	Property taxes expense		4,700
684	Repairs expense		6,900
688	Telephone expense		3,000
690	Utilities expense		4,500
	Totals	$	431,900			$	431,900

O. Tybalt invested $6,500 cash in the business during year 2019 (the December 31, 2018, credit balance of the O. Tybalt, Capital account was $125,300). Required: 1a. 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: