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 101 Cash 126 Supplies Debit Credit $ 6,500 32,500 128 Prepaid insurance 167 Equipment 8,000 50,000 168 Accumulated depreciation-Equipment $ 25,000 173 Building 153,000 174 Accumulated depreciation-Building 51,000 183 Land 69,680 201 Accounts payable 16,000 203 Interest payable 2,400 208 Rent payable 3,300 210 Wages payable 2,900 213 Property taxes payable 1,000 236 Unearned revenue 15,600 251 Long-term notes payable 58,500 307 Common stock 6,500 318 Retained earnings 122,700 319 Dividends 11,900 403 Services revenue 101,000 406 Rent revenue 16,500 409 Interest revenue 5,000 606 Depreciation expense-Building 11,220 612 Depreciation expense-Equipment 7,500 623 Wages expense 42,600 633 Interest expense 4,100 637 Insurance expense 7,800 640 Rent expense 12,500 652 Supplies expense 6,400 683 Property taxes expense Totals 3,700 $ 427,400 $ 427,400 The Retained Earnings account balance was $122,700 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 retained earnings 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.