The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year.

Required
1. Prepare the income statement and the statement of retained earnings for the current year ended December 31, and the classified balance sheet at December 31.
2. Prepare the necessary closing entries at December 31 of the current year.

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Account Title 101 Cash 126 Supplies No. 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment. 173 Building...... 174 183 201 203 208 210 213 236 623 633 637 640 652 683 Accumulated depreciation-Building Land Accounts payablo. Interest payable Ront payablo... Adjusted Trial Balance Docombor 31 Wages payable. Property taxes payable Unearned revenue.. 251 307 318 319 Dividonds... 403 406 409 606 612 Long-term notes payable. Common stock. Retained earnings Services revenue Ront revenue Interest revenue.. Depreciation expense-Building. Depreciation expense-Equipment. Woges expense Interest expense. Insurance expense. Rant axpense Supplios exponse.. Property taxes exponse.. Totals.... Dobit $ 5,000 31,100 7,000 40,000 150,000 55.000 13,000 11,000 6,000 52,900 5,100 10,000 13,400 7,400 5,000 $411,900 Credit $20,000 50.000 16,500 2,500 3,500 2,500 900 14,500 60.000 15,000 111.400 97,000 14,000 4,100 $411,900