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	$ 7,000
126	Supplies	31,700
128	Prepaid insurance	9,000
167	Equipment	60,000
168	Accumulated depreciationEquipment		$ 30,000
173	Building	168,000
174	Accumulated depreciationBuilding		56,000
183	Land	56,180
201	Accounts payable		16,500
203	Interest payable		3,000
208	Rent payable		3,200
210	Wages payable		2,200
213	Property taxes payable		800
236	Unearned revenue		14,800
251	Long-term notes payable		59,000
301	O. Tybalt, Capital		130,400
302	O. Tybalt, Withdrawals	11,700
404	Services revenue		104,000
406	Rent revenue		16,000
409	Interest revenue		5,000
606	Depreciation expenseBuilding	12,320
612	Depreciation expenseEquipment	9,000
623	Wages expense	45,100
633	Interest expense	3,400
637	Insurance expense	7,600
640	Rent expense	10,200
652	Supplies expense	6,400
683	Property taxes expense	3,300
	Totals	$ 440,900	$ 440,900

Oro Tybalt invested $7,000 cash in the business during the year. The O. Tybalt, Capital account balance was $123,400 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. 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.