The adjusted trial balance of Karise Repairs on December 31, 2015, follows.

KARISE REPAIRS Adjusted Trial Balance December 31, 2015
No.	Account Title	Debit				Credit
101	Cash	$	14,000
124	Office supplies		1,300
128	Prepaid insurance		2,050
167	Equipment		50,000
168	Accumulated depreciation—Equipment					$	5,000
201	Accounts payable						14,000
210	Wages payable						600
301	C. Karise, Capital						33,000
302	C. Karise, Withdrawals		16,000
401	Repair fees earned						90,950
612	Depreciation expense—Equipment		5,000
623	Wages expense		37,500
637	Insurance expense		800
640	Rent expense		10,600
650	Office supplies expense		3,600
690	Utilities expense		2,700
	Totals	$	143,550			$	143,550

Assume there are no owner investments in 2015.

Required:
1a. Prepare an income statement for the year 2015.
1b. Prepare a statement of owner's equity for the year 2015.
1c. Prepare a classified balance sheet at December 31, 2015.
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.