Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there we the 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. Prepare the December 31 closing entries. Prepare an income statement for the year. Complete this question by entering your answers in the tabs Prepare a statement of owner's equity for the year. Prepare a classified balance sheet at December 31 . Prepare the December 31 closing entries. Journal entry worksheet 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense account(s). Note: Enter debits before credits. Journal entry worksheet Record the entry to close the Income summary account. Note: Enter debits before credits. Prepare the December 31 closing entries. Journal entry worksheet 2 Record the entry to close the withdrawals account. Note: Enter debits before credits