The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 5,000 31,100 7,000 40,000 $ 20,000 150,000 50,000 55,000 Number 101 126 128 167 168 173 174 183 201 203 208 210 213 236 251 301 302 404 406 409 606 612 623 633 637 640 652 683 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Long-term notes payable 0. Tybalt, Capital 0. Tybalt, Withdrawals Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals 16,500 2,500 3,500 2,500 900 14,500 60,000 126,400 13,000 97,000 14,000 4,100 11,000 6,000 52,900 5,100 10,000 13,400 7,400 5,000 $ 411,900 $ 411,900 Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,400 on December 31 of the prior year. Required: a. Prepare the income statement for the current year ended December 31. Ib. Prepare the statement of owner's equity for the current year ended December 31. Ic. 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