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	$ 5,500
126	Supplies	32,100
128	Prepaid insurance	8,200
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 25,000
173	Building	150,000
174	Accumulated depreciationBuilding		50,000
183	Land	73,600
201	Accounts payable		17,500
203	Interest payable		2,000
208	Rent payable		3,900
210	Wages payable		2,200
213	Property taxes payable		800
236	Unearned revenue		14,700
251	Long-term notes payable		62,500
301	O. Tybalt, Capital		130,700
302	O. Tybalt, Withdrawals	10,700
404	Services revenue		101,000
406	Rent revenue		16,500
409	Interest revenue		5,700
606	Depreciation expenseBuilding	11,000
612	Depreciation expenseEquipment	7,500
623	Wages expense	49,100
633	Interest expense	3,300
637	Insurance expense	8,200
640	Rent expense	13,000
652	Supplies expense	6,200
683	Property taxes expense	4,100
	Totals	$ 432,500	$ 432,500

Oro Tybalt invested $5,500 cash in the business during the year. The O. Tybalt, Capital account balance was $125,200 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.