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 23,000 126 Supplies 8,500 128 Prepaid insurance 8,000 167 Equipment 45,000 Accumulated depreciation- 168 Equipment $ 22,500 173 Building 177,000 174 Accumulated depreciation- 59,000 Building 183 Land 63,170 201 Accounts payable 17,000 203 Interest payable 2,500 208 Rent payable 3,700 210 Wages payable 2,800 213 Property taxes payable 1,200 236 Unearned revenue 7,500 244 Current portion of long- term note payable 6,000 251 Long-term notes payable 60,500 307 Common stock 6,000 318 Retained earnings 126,500 319 Dividends 11,000 404 Services revenue 100,000 406 Rent revenue 18,000 407 Dividends revenue 2,300 409 Interest revenue 2,600 Depreciation expense- Building 12,980 Depreciation expense- 612 Equipment 6,750 623 Wages expense 25,500 633 Interest expense 3,000 637 Insurance expense 10,000 640 Rent expense 10,800 652 Supplies expense 7,300 682 Postage expense 3,800 683 Property taxes expense 3,700 684 Repairs expense 7,100 688 Telephone expense 1,900 690 Utilities expense 3,600 Totals $438,100 $438,100 606 Oro Tybalt invested $6,000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $126,500 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 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. Required Required Required Required 1A 1B 1C 2 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses Total expenses (Required 1A Required 1B > Required Required Required Required 1A 1B 10 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 Retained earnings, Dec. 31 current year end TYBALT CONSTRUCTION Balance Sheet December 31 Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry View general journal Clear entry