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The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 27,500 60,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit 101 Cash $ 5,500 104 Short-term investments 24,500 126 Supplies 9,800 128 Prepaid insurance 8,000 167 Equipment 55,000 168 Accumulated depreciation-Equipment 173 Building 180,000 174 Accumulated depreciation-Building 183 Land 44,550 201 Accounts payable 203 Interest payable 208 Rent payable 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 318 Retained earnings 319 Dividends 10,300 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 13,200 612 Depreciation expense-Equipment 8,250 623 Wages expense 26,500 633 Interest expense 4,800 637 Insurance expense 9,600 640 Rent expense 12,800 652 Supplies expense 5,700 682 Postage expense 3,400 683 Property taxes expense 5,000 684 Repairs expense 6,400 688 Telephone expense 2,500 690 Utilities expense 3,300 Totals $439,100 15,500 2,900 3,400 2,900 1,500 7,700 7,000 61,000 5,500 123,300 100,000 16,000 2,200 2,700 $439, 100 O. Tybalt invested $5,500 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $123,300. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the income statement for the calendar-year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues Professional fees earned $ 100,000 Rent earned 16,000 Dividends earned 2,200 Interest earned 2,700 Total revenues $ 120,900 Expenses Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense 13,200 8,250 26,500 4,800 9,600 12,800 5,700 3,400 5,000 6,400 2,500 3,300 Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense Total expenses Net income $ 101,450 19,450 & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 --------------- Prepare the statement of retained earnings for the calendar-year 2019. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, Dec. 31, 2018 $ 123,300 Add: Net income 19,450 142,750 Less: Dividends 10.300 Retained earnings, Dec. 31, 2019 $ 132,450 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the classified balance sheet at December 31, 2019. TYBALT CONSTRUCTION Balance Sheet December 31, 2019 Assets $ Current assets Cash Short-term investments Supplies Prepaid insurance OOO 5,500 24,500 9,800 8,000 Total current assets $ 47,800 Plant assets 27,500 Equipment Accumulated depreciation Equipment Building Accumulated depreciation Building Land 55,000 27,500 180,000 60,000 120,000 $ 44,550 192,050 239,850 Total assets Liabilities Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned professional fees Current portion of long-term notes payable Soo 15,500 2.900 3,400 2,900 1,500 7.700 7,000 OOOOOOO Total current liabilities $ 40,900 Long-term notes payable Total liabilities 61,000 101,900 Equity Common stock Retained earnings 5,500 132,450 Total equity Total liabilities and equity 137.950 239,850 $ X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the necessary closing entries at December 31, 2019. No Data Credit Date Dec 31 General Journal Professional fees earned 1 Rent earned Debit 100,000 16,000 2,200 2,700 Dividends earned Interest earned 2 Dec 31 101,450 Income summary Insurance expense Depreciation expense-Building Postage expense Wages expense Interest expense Telephone expense Utilities expense Repairs expense Property taxes expense Supplies expense Depreciation expense-Equipment Rent expense 9,600 13,200 3,400 26,500 4,800 2,500 3,300 6,400 5,000 5,700 8,250 12,800 Dec 31 19,450 Income summary Retained earnings 19,450 Dec 31 10,300 Retained earnings Dividends 10,300 Required 10 Required 2 )