1 The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS 40 Adjusted Trial Balance points December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment Debit Credit $ 14,000 1,300 2,050 50,000 $ 5,000 201 Accounts payable 14,000 210 Wages payable 600 307 Common stock 10,000 318 Retained earnings 23,000 319 Dividends 16,000 403 Services revenue 90,950 612 Depreciation expense-Equipment 5,000 623 Wages expense 37,500 800 637 Insurance expense 10,600 640 Rent expense 650 Office supplies expense 3,600 690 Utilities expense 2,700 Totals $ 143,550 $ 143,550 Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. R 40 points Note. Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare a classified balance sheet at December 31. Current assets Cash KARISE REPAIRS Balance Sheet December 31 Assets 59 14,000 1000 Return to q 40 Total current assets Plant assets points Equipment Accumulated depreciation Equipment Total assets Current liabilities Liabilities Rent expense Utilities expense 0 Wages expense 0 0 Wages expense Total current liabilities 2.050 17.350 50.000 50.000 67.350 Exercise Saved hock my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp Required 1A Required 1B Required 1C Required 2 Prepare the December 31 closing entries. No Date General Journal Debit Credit < Required 1C Required 2 >