The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number 101 Account Title Debit Credit Cash 104 Short-term investments $ 5,500 23,500 126 Supplies 9,600 128 Prepaid insurance 8,300 167 168 173 174 183 201 Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable 60,000 $ 30,000 162,000 54,000 50,220 16,500 203 Interest payable 2,500 208 Rent payable 3,200 210 Wages payable 2,700 213 Property taxes payable 1,100 236 Unearned revenue 7,200 244 Current portion of long-term note payable 7,000 251 Long-term notes payable 58,000 307 Common stock 5,500 318 Retained earnings 123,900 319 Dividends 11,400 404 Services revenue 101,000 406 Rent revenue 16,000 407 Dividends revenue 2,300 409 Interest revenue 2,300 606 Depreciation expense-Building 11,880 612 Depreciation expense-Equipment 9,000 623 Wages expense 29,000 633 Interest expense 4,100 637 Insurance expense 7,800 640 Rent expense 11,700 652 682 683 Supplies expense Postage expense Property taxes expense 7,200 4,100 3,700 684 Repairs expense 8,800 688 Telephone expense 2,300 690 3,100 $ 433,200 $ 433,200 Utilities expense Totals Oro Tybalt invested $5,500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $123,900 on December 31 of the prior year. 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31. 2. Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the necessary closing entries at December 31 of the current year. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 Record the entry to close the expense account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 Record the entry to close income summary. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Required 1C Required 2 > > Journal entry worksheet 1 2 3 4 Record the entry to close the dividends account. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal