The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year. Required 1. Prepare the income statement and the statement of retained earnings for the current year ended December 31 , and the classified balance sheet at December 31. Check (1) Total assets $218,100; Net income, $4,300 2. Prepare the necessary closing entries at December 31 of the current year