The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 Debit Account Title Credit No. $ 6,000 101 Cash 104 Short-term investments 24,000 126 Supplies 128 Prepaid insurance 167 Equipment 9,000 8,800 55,000 $ 27,500 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 180,000 60,000 183 Land 59,050 201 Accounts payable 203 Interest payable 208 Rent payable 16,500 2,200 3,400 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long term note payable 251 Long-term notes payable 307 Common stock 2,700 700 7,900 8,500 62,500 6,000 318 Retained earnings 123,100 319 Dividends 10,500 401 Professional fees earned 105,000 406 Rent earned 17,000 407 Dividends earned 409 Interest earned 2,300 2,700 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 13,200 8,250 25,000 3,800 637 Insurance expense 7,100 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense 10,000 6,800 3,100 3,800 8,900 1,700 4,000 $448,000 $448,000 Totals O. Tybalt invested $6,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $123,100. Required: 1a. Prepare the income statement for the calendar-year 2019. 1b. Prepare the statement of retained earnings for the calendar-year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019. Prepare the income statement for the calendar-year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues Total revenues Expenses Total expenses TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 TYBALT CONSTRUCTION Balance Sheet December 31, 2019 Complete this question by entering your answers in the tabs below. Required 1B Required 1A Required 1C Required 2 Prepare the necessary closing entries at December 31, 2019. View transaction list Journal entry worksheet 2 3 Record the entry to close the revenue account(s). Note: Enter debits before credits. Credit Date General Journal Debit Dec 31 Record entry Clear entry View general journal