The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit $ 30,000 57,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 No. Account Title Debit 101 Cash $ 5,500 104 Short-term investments 24,000 126 Supplies 9,700 128 Prepaid insurance 8,900 167 Equipment 60,000 168 Accumulated depreciation-Equipment 173 Building 171,000 174 Accumulated depreciation-Building 183 Land 46,460 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 236 Unearned revenue 244 Current portion of long-term note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 11,300 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 12,540 612 Depreciation expense-Equipment 9,000 623 Wages expense 27,000 633 Interest expense 4,100 637 Insurance expense 9,600 640 Rent expense 12,400 652 Supplies expense 6,400 682 Postage expense 4,100 683 Property taxes expense 4,300 684 Repairs expense 8,000 18,000 2,700 3,300 2,800 900 7,900 7,000 63,500 5,500 121,200 99,000 17,000 2,200 2,600 000 Depreciation expense-Oulun 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals 12,340 9,000 27,000 4,100 9,600 12,400 6,400 4,100 4,300 8,000 2,900 3,400 $440,600 $440,600 Oro Tybalt invested $5,500 cash in the business in exchange for common stock during the year. The Retained Earnings acc balance was $121,200 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. Complete this question by entering your answers in the tabs below. Income Statement For Year Ended December 31 $ Revenues Unearned revenue Services revenue Rent revenue Dividends revenue 7,900 99,000 17,000 2,200 2,600 Interest revenue $ 128,700 Total revenues Expenses Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 12,540 9,000 27,000 4,100 9,600 12,400 6,400 4,100 4,300 8,000 2,900 3,400 Total expenses Net income 103,740 24,960 $ Required 1A Required 1B Required 1C Required 2 Prepare the statement of retained earnings for the current year ended December 31. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec. 31 prior year end Add: Net income $ 121,200 24,960 146,160 5,500 140,660 Less: Common stock Retained earnings, Dec. 31 current year end $ Required 1A Required 1B Required 10 Required 2 Prepare the classified balance sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 Assets $ Current assets Cash Short-term investments Supplies Prepaid insurance 5,500 24,000 9,700 8,900 $ Total current assets Plant assets 48,100 Land Equipment Accumulated depreciation-Building 46,460 60,000 57,000 (13,540) 57,000 $ Total plant assets Total assets 43,460 91,560 Liabilities Current liabilities Total assets 91,560 Liabilities Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Current portion of long-term notes payable 18,000 2,700 3,300 2,800 900 7,900 7,000 $ 42,600 Total current liabilities Long-term liabilities Long-term notes payable Total liabilities 63,500 106,100 Equity Retained earnings 121,200 121,200 227,300 Total liabilities and equity $ Required IR Docuired Required 1A Required 1B Required 10 Required 2 Prepare the necessary closing entries at December 31 of the current year. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 Services revenue 99,000 Rent revenue 17,000 2,600 Interest revenue Income summary 118,600 2 Dec 31 99,640 Income summary Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Telephone expense Utilities expense 12,540 9,000 27,000 4,100 9,600 12,400 6,400 4,300 8,000 2.900 3,400 3 Dec 31 Income summary Retained earnings 3 Dec 31 Income summary Retained earnings 4 Dec 31 Retained earnings Common stock