The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 Account Title Debit Credit No 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 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 401 Professional fees earned 406 Rent earned 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 $ 5,500 23,500 9,700 7,800 55,000 $ 27,500 153,000 51,000 63,730 16,500 3,000 3,500 2,400 700 7,600 65,500 5,500 126,700 12,500 103,000 15,000 2,200 2,300 11,220 8,250 30,000 4,100 10,000 10,500 6,400 3,700 4,700 6,700 3,000 3,100 Totals $432,400 $432,400 The December 31, 2016, credit balance of the Retained Earnings account was $126,700. Tybalt Construction is required to make a $6,000 payment on its long-term notes payable during 2018. Required 1a. Prepare the income statement for the calendar-year 2017. 1b. Prepare the statement of retained earnings for the calendar-year 2017 1c. Prepare the classified balance sheet at December 31, 2017, 2. Prepare the necessary closing entries at December 31, 2017. 3. Use the information in the financial statements to compute the following ratios