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	$	6,000
104	Short-term investments		24,000
126	Supplies		8,300
128	Prepaid insurance		7,300
167	Equipment		50,000
168	Accumulated depreciationEquipment					$	25,000
173	Building		177,000
174	Accumulated depreciationBuilding						59,000
183	Land		53,520
201	Accounts payable						15,000
203	Interest payable						2,300
208	Rent payable						3,600
210	Wages payable						2,900
213	Property taxes payable						800
233	Unearned professional fees						7,600
244	Current portion of long term note payable						9,000
251	Long-term notes payable						63,500
307	Common stock						6,000
318	Retained earnings						126,700
319	Dividends		11,900
401	Professional fees earned						99,000
406	Rent earned						16,500
407	Dividends earned						2,500
409	Interest earned						2,900
606	Depreciation expenseBuilding		12,980
612	Depreciation expenseEquipment		7,500
623	Wages expense		30,500
633	Interest expense		3,900
637	Insurance expense		9,400
640	Rent expense		13,100
652	Supplies expense		6,500
682	Postage expense		2,800
683	Property taxes expense		3,800
684	Repairs expense		7,000
688	Telephone expense		3,200
690	Utilities expense		3,600
	Totals	$	442,300			$	442,300

O. Tybalt invested $6,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $126,700. 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.