The adjusted trial balance of Karise Repairs on December 31 follows.Required1. Prepare an income statement and a statement of owner’s equity for the year, and a classified balance sheet at December 31. The C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the current year.2. Prepare the December 31 closing entries.

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No. Account Title 101 Cash... 124 Office supplies.. 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment.. 201 210 301 302 403 612 623 637 640 650 690 Adjusted Trial Balance December 31 Accounts payable.... Wages payable... C. Karise, Capital C. Karise, Withdrawals.. Services revenue. Depreciation expense-Equipment.. Wages expense Insurance expense. Rent expense. Office supplies expense.. Utilities expense.. Totals.... Debit $ 14,000 1,300 2,050 50,000 16,000 5,000 37,500 800 10,600 3,600 2,700 $143,550 Credit $ 5,000 14,000 600 33,000 90,950 $143,550