The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 307 Common stock 318 Retained earnings 319 Dividends 403 Services revenue 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 690 Office supplies expense Utilities expense Debit $ 14,000 Credit 1,300 2,050 50,000 $ 5,000 14,000 600 10,000 23,000 16,000 90,950 5,000 37,500 800 10,600 3,600 2,700 Totals $ 143,550 $ 143,550 Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings 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. Required 1A Required 1B Required 1C Required 2 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: Total expenses Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings 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. Required 1A Required 1B Required 1C Required 2 Prepare a statement of retained earnings for the year. KARISE REPAIRS Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year Retained earnings, December 31 current year < Required 1A Required 1C > 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings 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. Required 1A Required 1B Required 1C Required 2 Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the December 31 closing entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal >