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	$ 7,000
126	Supplies	31,200
128	Prepaid insurance	7,400
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 25,000
173	Building	168,000
174	Accumulated depreciationBuilding		56,000
183	Land	57,880
201	Accounts payable		15,500
203	Interest payable		2,100
208	Rent payable		3,200
210	Wages payable		2,300
213	Property taxes payable		1,200
236	Unearned revenue		15,200
251	Long-term notes payable		58,500
301	O. Tybalt, Capital		130,800
302	O. Tybalt, Withdrawals	12,400
404	Services revenue		100,000
406	Rent revenue		17,500
409	Interest revenue		4,800
606	Depreciation expenseBuilding	12,320
612	Depreciation expenseEquipment	7,500
623	Wages expense	43,700
633	Interest expense	5,100
637	Insurance expense	9,200
640	Rent expense	11,400
652	Supplies expense	5,800
683	Property taxes expense	3,200
	Totals	$ 432,100	$ 432,100

Oro Tybalt invested $7,000 cash in the business during the year. The O. Tybalt, Capital account balance was $123,800 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.

TYBALT CONSTRUCTION
Income Statement
For Year Ended December 31
Revenues
Total revenues
Expenses
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

TYBALT CONSTRUCTION
Balance Sheet
December 31

1Record the entry to close the revenue account(s).

2Record the entry to close the expense account(s).

3Record the entry to close the Income summary account.

4Record the entry to close the withdrawals account.