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	34,600
128	Prepaid insurance	7,900
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 25,000
173	Building	159,000
174	Accumulated depreciationBuilding		53,000
183	Land	65,240
201	Accounts payable		17,000
203	Interest payable		2,900
208	Rent payable		3,400
210	Wages payable		2,700
213	Property taxes payable		1,200
236	Unearned revenue		15,300
251	Long-term notes payable		59,500
301	O. Tybalt, Capital		133,600
302	O. Tybalt, Withdrawals	11,600
404	Services revenue		98,000
406	Rent revenue		16,500
409	Interest revenue		5,600
606	Depreciation expenseBuilding	11,660
612	Depreciation expenseEquipment	7,500
623	Wages expense	44,900
633	Interest expense	4,200
637	Insurance expense	7,600
640	Rent expense	11,000
652	Supplies expense	6,600
683	Property taxes expense	4,400
	Totals	$ 433,700	$ 433,700

Oro Tybalt invested $7,500 cash in the business during the year. The O. Tybalt, Capital account balance was $126,100 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.