Tybalt invested $$7,000$ cash in the business during the yearThe TybaltCapital account balance was $$125,700$ on December $31$ of the prior year Required: Prepare the income statement for the current year ended December $31.$ Prepare the statement of owner's equity for the current year ended December $31$ Prepare the classified balance sheet at December $31$ of the current year Prepare the necessary closing entries at December $31$ of the current year