The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit $ 22,500 50,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 No. Account Title Debit 101 Cash $7,000 104 Short-term investments 24,000 126 Supplies 8,400 128 Prepaid insurance 8,600 167 Equipment 45,000 168 Accumulated depreciation-Equipment 173 Building 150,000 174 Accumulated depreciation-Building 183 Land 78,050 201 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-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 12,000 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 11,000 612 Depreciation expense-Equipment 6,750 623 Wages expense 29,000 633 Interest expense 4,900 637 Insurance expense 9,600 640 Rent expense 11,300 652 Supplies expenso 6,800 682 Pontage exponso 3.100 683 Property taxes expense 3,500 684 Repair expense 7,400 688 Telephone expense 2.400 690 Utilities expense 4,100 Totale $432,900 17,500 2,900 3,500 2,400 1,000 7,600 8,500 63,000 7,000 123,500 102,000 16,500 2,400 2,600 5432, 900 $432,900 3432.900 Oro Tybalt invested $7,000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $123,500 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 15. 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 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 Revenue 0 Prov 25 of 25 Next TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses S 0 Total expenses O balance was $123,500 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 Decem 1c. Prepare the classified balance sheet at December 31. 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 1C 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, Dec. 31 prior year end 0 Retained earnings, Dec. 31 current year end $ 0