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

TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31NumberAccount TitleDebitCredit101Cash$ 5,000126Supplies31,100128Prepaid insurance8,500167Equipment45,000168Accumulated depreciationEquipment$ 22,500173Building168,000174Accumulated depreciationBuilding56,000183Land71,630201Accounts payable17,500203Interest payable2,600208Rent payable3,500210Wages payable2,100213Property taxes payable1,000236Unearned revenue14,500251Long-term notes payable62,000301O. Tybalt, Capital131,000302O. Tybalt, Withdrawals11,700404Services revenue103,000406Rent revenue15,500409Interest revenue5,100606Depreciation expenseBuilding12,320612Depreciation expenseEquipment6,750623Wages expense43,600633Interest expense4,000637Insurance expense7,900640Rent expense11,700652Supplies expense6,100683Property taxes expense3,000Totals$ 436,300$ 436,300

Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $126,000 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.