The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 7,000 32,100 8,100 45,000 $ 22,500 165,000 55,000 66,450 Number 101 126 128 167 168 173 174 183 201 203 208 210 213 236 251 307 318 319 403 406 409 606 612 623 633 637 640 652 683 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals 17,500 2,300 3,200 2,100 1,000 14,700 61,500 7,000 125,000 11,900 103,000 17,000 4,800 12,100 6,750 47,200 3,700 9,100 12,500 5,400 4,300 $ 436,600 $ 436,600 The Retained Earnings account balance was $125,000 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 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year