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The adjusted trial balance for Tybalt Construction on December 31 of the current vear follows. Oro Tybalt invested $7,000 cash in the business during the year. The O. Tybalt, Capital account balance was $123,900 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31 . 1b. Prepare the statement of owner's equity 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. The adjusted trial balance for Tybalt Construction on December 31 of the current vear follows. Oro Tybalt invested $7,000 cash in the business during the year. The O. Tybalt, Capital account balance was $123,900 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31 . 1b. Prepare the statement of owner's equity 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