The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Credit Debit $ 26,000 101 Cash 124 Office supplies 2,000 128 Prepaid insurance 2,550 167 Equipment 54,000 168 Accumulated depreciation-Equipment $ 5,400 13,000 201 Accounts payable 210 Wages payable 1,400 301 C. Karise, Capital 34,000 302 C. Karise, Withdrawals 16,500 403 Services revenue 106,550 612 Depreciation expense-Equipment 5,400 623 Wages expense 35,000 637 Insurance expense 900 640 Rent expense 10,500 650 Office supplies expense 4,300 690 Utilities expense 3,200 Totals $ 160,350 $ 160,350 Note: C. Karise, Capital account balance was $34,000 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.