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 $ 7,500 126 Supplies 31,600 128 Prepaid insurance 7,700 167 Equipment 40,000 168 Accumulated depreciation-Equipment $ 20,000 173 Building 174,000 174 Accumulated depreciation-Building 58,000 183 Land 67,440 201 Accounts payable 16,000 203 Interest payable 2,400 208 Rent payable 3,700 210 Wages payable 2,300 213 Property taxes payable 1,100 236 Unearned revenue 14,100 251 Long-term notes payable 60,500 307 Common stock 7,500 318 Retained earnings 126,100 319 Dividends 11,900 403 Services revenue 105,000 406 Rent revenue 18,000 409 Interest revenue 4,500 606 Depreciation expense-Building 12,760 612 Depreciation expense-Equipment 6,000 623 Wages expense 46,000 633 Interest expense 3,300 637 Insurance expense 7,800 640 Rent expense 12,400 652 683 Supplies expense 7,200 Property taxes expense Totals 3,600 $ 439,200 $ 439,200 The Retained Earnings account balance was $126,100 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 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. 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 $ 7,500 126 Supplies 31,600 128 Prepaid insurance 7,700 167 Equipment 40,000 168 Accumulated depreciation-Equipment $ 20,000 173 Building 174,000 174 Accumulated depreciation-Building 58,000 183 Land 67,440 201 Accounts payable 16,000 203 Interest payable 2,400 208 Rent payable 3,700 210 Wages payable 2,300 213 Property taxes payable 1,100 236 Unearned revenue 14,100 251 Long-term notes payable 60,500 307 Common stock 7,500 318 Retained earnings 126,100 319 Dividends 11,900 403 Services revenue 105,000 406 Rent revenue 18,000 409 Interest revenue 4,500 606 Depreciation expense-Building 12,760 612 Depreciation expense-Equipment 6,000 623 Wages expense 46,000 633 Interest expense 3,300 637 Insurance expense 7,800 640 Rent expense 12,400 652 683 Supplies expense 7,200 Property taxes expense Totals 3,600 $ 439,200 $ 439,200 The Retained Earnings account balance was $126,100 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 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.