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 $ 6,000 126 Supplies 31,100 128 Prepaid insurance 167 Equipment 7,800 55,000 168 Accumulated depreciation-Equipment $ 27,500 173 Building 177,000 174 Accumulated depreciation-Building 59,000 183 Land 49,370 201 Accounts payable 15,500 203 Interest payable 2,000 208 Rent payable 3,800 210 Wages payable 2,700 213 Property taxes payable 1,200 236 Unearned revenue 13,600 251 Long-term notes payable 62,500 301 0. Tybalt, Capital 128,100 302 O. Tybalt, Withdrawals 11,400 404 Services revenue 98,000 406 Rent revenue 17,000 409 Interest revenue 5,200 606 Depreciation expense-Building 12,980 612 Depreciation expense-Equipment 8,250 623 Wages expense 43,400 633 Interest expense 3,600 637 Insurance expense 8,500 640 Rent expense 11,500 652 683 Supplies expense 5,500 Property taxes expense Totals 4,700 $ 436,100 $ 436,100 Oro Tybalt invested $6,000 cash in the business during the year. The O. Tybalt, Capital account balance was $122,100 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. Current assets TYBALT CONSTRUCTION Balance Sheet December 31 Assets $ $ 0 0 $ 0 Revenues TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Total revenues $ 0 Expenses 0 Total expenses TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31 O. Tybalt, Capital, December 31 prior year O. Tybalt, Capital, December 31 current year $ 69 0 0 Journal entry worksheet 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit