The adjusted trial balance for Tybalt Construction on December 31 of the current year follows.

TYBALT CONSTRUCTION Adjusted Trial Balance December 31
No.	Account Title	Debit				Credit
101	Cash	$	6,000
104	Short-term investments		24,500
126	Supplies		9,900
128	Prepaid insurance		8,800
167	Equipment		60,000
168	Accumulated depreciationEquipment					$	30,000
173	Building		159,000
174	Accumulated depreciationBuilding						53,000
183	Land		65,140
201	Accounts payable						17,500
203	Interest payable						2,300
208	Rent payable						3,400
210	Wages payable						2,900
213	Property taxes payable						1,100
236	Unearned revenue						7,400
244	Current portion of long-term note payable						9,000
251	Long-term notes payable						59,000
307	Common stock						6,000
318	Retained earnings						123,100
319	Dividends		11,100
404	Services revenue						104,000
406	Rent revenue						17,500
407	Dividends revenue						2,400
409	Interest revenue						2,800
606	Depreciation expenseBuilding		11,660
612	Depreciation expenseEquipment		9,000
623	Wages expense		26,000
633	Interest expense		4,800
637	Insurance expense		8,600
640	Rent expense		12,200
652	Supplies expense		5,700
682	Postage expense		2,900
683	Property taxes expense		3,000
684	Repairs expense		6,900
688	Telephone expense		2,900
690	Utilities expense		3,300
	Totals	$	441,400			$	441,400

Oro Tybalt invested $6,000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $123,100 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. 2. Prepare the necessary closing entries at December 31 of the current year.