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	$ 7,500
126	Supplies	31,700
128	Prepaid insurance	7,800
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 25,000
173	Building	177,000
174	Accumulated depreciationBuilding		59,000
183	Land	54,020
201	Accounts payable		17,500
203	Interest payable		2,300
208	Rent payable		3,800
210	Wages payable		2,400
213	Property taxes payable		1,000
236	Unearned revenue		14,200
251	Long-term notes payable		62,500
307	Common stock		7,500
318	Retained earnings		125,600
319	Dividends	10,800
403	Services revenue		102,000
406	Rent revenue		16,000
409	Interest revenue		4,600
606	Depreciation expenseBuilding	12,980
612	Depreciation expenseEquipment	7,500
623	Wages expense	47,900
633	Interest expense	3,200
637	Insurance expense	9,600
640	Rent expense	12,200
652	Supplies expense	6,700
683	Property taxes expense	4,500
	Totals	$ 443,400	$ 443,400

The Retained Earnings account balance was $125,600 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.