Problem 4-5A (Algo) Preparing financial statements and closing entries LO C1, P2 The adjusted trial balance of Karise Repairs on December 31 follows. Note: C. Karise, Capital account balance was $39,000 on December 31 of the prior year, and there were no owner investments during 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. Complete this question by entering your answers in the tabs below