The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 7,500 32,000 8,100 55,000 $ 27,500 168,000 56,000 56,930 Number 101 126 128 167 168 173 174 183 201 203 208 210 213 236 251 307 318 319 403 406 409 606 612 623 633 637 640 652 683 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals 15,000 2,300 3,800 2,600 800 16,700 61,000 7,500 124,300 12,900 101,000 15,500 4,900 12,320 8,250 47,600 3,300 7,700 10,200 5,600 3,500 $ 438,900 $ 438,900 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. 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 Total revenues $ 0 Expenses Total expenses 0 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, December 31 prior year 0 Retained earnings, December 31 current year Prepare the classified balance sheet at December 31 of the current year. TYBALT CONSTRUCTION Balance Sheet December 31 S 0 0 0 S D D S 0 D Prepare the necessary closing entries at December 31 of the current year. View transaction let Journal entry worksheet