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	$	5,000
104	Short-term investments		23,000
126	Supplies		8,100
128	Prepaid insurance		7,000
167	Equipment		40,000
168	Accumulated depreciationEquipment					$	20,000
173	Building		150,000
174	Accumulated depreciationBuilding						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
251	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
407	Dividends earned						2,000
409	Interest earned						2,100
606	Depreciation expenseBuilding		11,000
612	Depreciation expenseEquipment		6,000
623	Wages expense		32,000
633	Interest expense		5,100
637	Insurance expense		10,000
640	Rent expense		13,400
652	Supplies expense		7,400
682	Postage expense		4,200
683	Property taxes expense		5,000
684	Repairs expense		8,900
688	Telephone expense		3,200
690	Utilities expense		4,600
	Totals	$	411,900			$	411,900

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. 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.