The adjusted trial balance for Tybalt Construction on December $31$ of the current year follows.

TYBALT CONSTRUCTION

Adjusted Trial Balance

December $31$

Number Account Title Debit Credit

$101$ Cash $ $7,500$

$126$ Supplies $34,300$

$128$ Prepaid insurance $8,300$

$167$ Equipment $50,000$

$168$ Accumulated depreciation$$Equipment $ $25,000$

$173$ Building $153,000$

$174$ Accumulated depreciation$$Building $51,000$

$183$ Land $74,280$

$201$ Accounts payable $18,000$

$203$ Interest payable $2,500$

$208$ Rent payable $3,600$

$210$ Wages payable $2,100$

$213$ Property taxes payable $900$

$236$ Unearned revenue $15,700$

$251$ Long$-$term notes payable $59,000$

$301$ O$.$ Tybalt, Capital $132,900$

$302$ O$.$ Tybalt, Withdrawals $11,400$

$404$ Services revenue $104,000$

$406$ Rent revenue $16,000$

$409$ Interest revenue $4,700$

$606$ Depreciation expense$$Building $11,220$

$612$ Depreciation expense$$Equipment $7,500$

$623$ Wages expense $43,700$

$633$ Interest expense $4,100$

$637$ Insurance expense $10,000$

$640$ Rent expense $10,500$

$652$ Supplies expense $5,600$

$683$ Property taxes expense $4,000$

Totals $ $435,400$ $ $435,400$

Oro Tybalt invested $$7,500$ cash in the business during the year. The O$.$ Tybalt, Capital account balance was $$125,400$ on December $31$ of the prior year.

Required:

$1$a$.$ Prepare the income statement for the current year ended December $31.$

$1$b$.$ Prepare the statement of owner's equity for the current year ended December $31.$

$1$c$.$ Prepare the classified balance sheet at December $31$ of the current year.

$2.$ Prepare the necessary closing entries at December $31$ of the current year.

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