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	$ 8,000
126	Supplies	32,500
128	Prepaid insurance	8,000
167	Equipment	60,000
168	Accumulated depreciationEquipment		$ 30,000
173	Building	162,000
174	Accumulated depreciationBuilding		54,000
183	Land	49,820
201	Accounts payable		16,500
203	Interest payable		2,200
208	Rent payable		3,300
210	Wages payable		2,300
213	Property taxes payable		1,100
236	Unearned revenue		15,600
251	Long-term notes payable		59,500
301	O. Tybalt, Capital		129,700
302	O. Tybalt, Withdrawals	10,800
404	Services revenue		100,000
406	Rent revenue		16,500
409	Interest revenue		4,900
606	Depreciation expenseBuilding	11,880
612	Depreciation expenseEquipment	9,000
623	Wages expense	48,100
633	Interest expense	3,500
637	Insurance expense	8,300
640	Rent expense	12,100
652	Supplies expense	7,200
683	Property taxes expense	4,400
	Totals	$ 435,600	$ 435,600

Oro Tybalt invested $8,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,700 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.