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	32,900
128	Prepaid insurance	7,200
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 25,000
173	Building	153,000
174	Accumulated depreciationBuilding		51,000
183	Land	66,780
201	Accounts payable		17,500
203	Interest payable		2,500
208	Rent payable		3,800
210	Wages payable		2,800
213	Property taxes payable		1,300
236	Unearned revenue		15,700
251	Long-term notes payable		58,000
301	O. Tybalt, Capital		128,900
302	O. Tybalt, Withdrawals	11,800
404	Services revenue		98,000
406	Rent revenue		15,500
409	Interest revenue		5,000
606	Depreciation expenseBuilding	11,220
612	Depreciation expenseEquipment	7,500
623	Wages expense	42,400
633	Interest expense	4,900
637	Insurance expense	8,500
640	Rent expense	12,100
652	Supplies expense	6,500
683	Property taxes expense	3,200
	Totals	$ 425,000	$ 425,000

Oro Tybalt invested $7,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,900 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.