The Retained Earnings account balance was $122,300 on December 31 of the prior year. Required: 10. 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. \begin{tabular}{|c|c|c|} \hline December 31 & & \\ \hline Assets & 0 & \\ \hline Current assets & 2 & \\ \hline Cash & $5,500 & \\ \hline Supplies & 30,700 & \\ \hline Prepaid insurance & 7.700 & \\ \hline & 0 & \\ \hline & \begin{tabular}{|r} 0 \\ \end{tabular} & \\ \hline & & 43,900 \\ \hline Plant assets & & \\ \hline & 2 & \\ \hline & & 0 \\ \hline & & \\ \hline & & +3 \\ \hline & 2 & \\ \hline & 20 & $ \\ \hline & 3 & 43,900 \\ \hline \end{tabular}