The adjusted trial balance of El Makrezy Repairs on December 31, 2015, follows. EL MAKREZY 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. El Makrezy, Capital 33,000 302 C. El Makrezy, 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 Required 1. Prepare an income statement and a statement of owner's equity for the year ended on 2015. 2. Prepare closing entries from the above trial balance. 3. Prepare a Balance Sheet as on December 31st, 2015