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 126 Supplies $ 5,000 30,800 128 Prepaid insurance 8,400 167 Equipment 45,000 168 Accumulated depreciation-Equipment $ 22,500 173 Building 153,000 174 Accumulated depreciation-Building 51,000 183 Land 83,030 201 Accounts payable 17,000 203 Interest payable 2,800 208 Rent payable 3,400 210 Wages payable 3,000 213 Property taxes payable 1,000 236 Unearned revenue 15,300 251 Long-term notes payable 63,500 301 O. Tybalt, Capital 130,500 302 0. Tybalt, Withdrawals 11,500 404 Services revenue 104,000 406 Rent revenue 16,500 409 Interest revenue 4,300 606 Depreciation expense-Building 11,220 612 Depreciation expense-Equipment 6,750 623 Wages expense 46,000 633 Interest expense 5,000 637 Insurance expense 9,000 640 Rent expense 11,200 652 683 Supplies expense 5,800 Property taxes expense Totals 3,100 $ 434,800 $ 434,800 Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $125,500 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.