The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 7,500 23,000 8,800 8,900 55,000 $ 27,500 177,000 59,000 53,570 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-tern 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 17,500 2,900 3,400 2,800 1,300 7,300 2,500 59,000 7,500 124,900 12,300 103,000 17,000 2,000 2,000 12,980 8,250 26,500 4,000 9,300 10,400 5,200 2,400 4,900 7,700 2,600 4,300 $444,600 $444,600 Oro Tybalt invested $7.500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $124,900 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