Item4 7.5 points Item Skipped eBook Print References Check my work Check My Work button is now enabled Item 4 Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $ 34,000 124 Office supplies 1,300 128 Prepaid insurance 2,200 167 Equipment 50,000 168 Accumulated depreciationEquipment $ 5,000 201 Accounts payable 13,000 210 Wages payable 500 301 C. Karise, Capital 36,000 302 C. Karise, Withdrawals 16,000 401 Repair fees earned 110,500 612 Depreciation expenseEquipment 5,000 623 Wages expense 38,000 637 Insurance expense 600 640 Rent expense 10,500 650 Office supplies expense 4,300 690 Utilities expense 3,100 Totals $ 165,000 $ 165,000 Note: C. Karise, Capital l was $36,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year. 1c. Prepare a classified balance sheet at December 31. 2. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance. 3. Using information from the work sheet in Requirement 2, prepare the appropriate closing entries.