The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 5,000 23,000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 NO. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 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 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 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 16,500 2,500 3,500 2,500 900 7,500 7,000 60,000 5,000 121,400 13,000 97,000 14,000 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 $411,900 $411, 900 Oro Tybalt invested $5,000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $121,400 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Unearned revenue $ 97,000 Rent revenue 14,000 Dividends revenue 2,000 Interest revenue 2,100 $ 115,100 Total revenues Expenses Depreciation expense Building 11,000 X $ Revenues Unearned revenue Rent revenue Dividends revenue Interest revenue 97,000 14,000 2,000 2,100 Total revenues $ 115,100 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 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 Total expenses Net income 110,800 4,300 $ 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 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 $ 121,400 Add: Net income 4,300 125,700 Less: Dividends (13,000) Retained earnings, Dec. 31 current year end $ 112,700 $ $ Cash Short-term investments Supplies Prepaid insurance 5,000 23,000 8,100 7,000 $ 43,100 Total current assets Plant assets Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land 20,000 40,000 (20,000) 150,000 (50,000) 100,000 55,000 $ 175,000 218,100 Total assets Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Current martinn nf land torm nnte nahla 16,500 2,500 3,500 2,500 900 7,500 7 nnn 20,000 Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land (20,000) 150,000 (50,000) 100,000 55,000 $ 175,000 218,100 Total assets Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Current portion of long-term note payable 16,500 2,500 3,500 2,500 900 7,500 7,000 Total current liabilities $ 40,400 Long-term notes payable 60,000 100,400 Common stock Retained earnings 5,000 112,700 Total equity Total liabilities and equity 117,700 $ 218,100 Oro Tybalt invested $5,000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $121,400 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 2 Prepare the necessary closing entries at December 31 of the current year. No General Journal Debit Date Credit