The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number 101 124 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals 128 167 168 201 218 301 302 403 612 623 637 640 Rent expense 650 690 Office supplies expense Utilities expense Services revenue Depreciation expense-Equipment Wages expense Insurance expense Debit Credit $ 49,000 1,500 2,400 50,000 $ 5,000 13,500 1,400 38,000 17,500 127,900 5,000 41,000 1,100 12,000 3,100 3,200 $ 185,800 $ 185,800 Totals Note: C. Karise, Capital account balance was $38,000 on December 31 of the prior year, and there were no owner investments during the year. Required: 10. 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.