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	34,000
128	Prepaid insurance	7,800
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 25,000
173	Building	174,000
174	Accumulated depreciationBuilding		58,000
183	Land	56,440
201	Accounts payable		16,000
203	Interest payable		3,000
208	Rent payable		3,300
210	Wages payable		2,600
213	Property taxes payable		900
236	Unearned revenue		13,600
251	Long-term notes payable		60,000
301	O. Tybalt, Capital		133,800
302	O. Tybalt, Withdrawals	12,900
404	Services revenue		103,000
406	Rent revenue		17,500
409	Interest revenue		5,500
606	Depreciation expenseBuilding	12,760
612	Depreciation expenseEquipment	7,500
623	Wages expense	42,800
633	Interest expense	4,400
637	Insurance expense	9,700
640	Rent expense	12,500
652	Supplies expense	5,300
683	Property taxes expense	4,600
	Totals	$ 442,200	$ 442,200

Oro Tybalt invested $7,500 cash in the business during the year. The O. Tybalt, Capital account balance was $126,300 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 owner's equity 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.

Please explain the math that you did in order to get the answers. Thank you