The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash $ 57,000 124 office supplies 1,400 128 Prepaid insurance 2,850 167 Equipment 52,000 168 Accumulated depreciation Equipment $ 5,200 201 Accounts payable 15,000 210 Wages payable 1,200 301 c. Karise, Capital 32,000 302 c. Karise, withdrawals 17,500 403 Services revenue 142,050 612 Depreciation expense-Equipment 5, 200 623 Wages expense 37,000 637 Insurance expense 700 640 Rent expense 15,000 650 office supplies expense 3,500 690 Utilities expense 3,300 Totals 195,450 195,450 Note: C. Karise, Capital account balance was $32,000 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. Required Required Required Required 1A 1B 1C 2 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: Total expenses 0 0 (Required 1A Required 1B > Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year. 10. 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 Required Required Required 1A 1B 1C 2 Prepare a statement of owner's equity for the year. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31 C. Karise, Capital, December 31 prior year Add: Investments by owner 0 0 C. Karise, Capital, December 31 current year $ 0 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. Required Required Required Required 1B 10 2 Prepare a classified balance sheet at December 31. KARISE REPAIRS 1A Balance Sheet December 31 S 0 0 0 Complete this question by entering your answers in the tabs below. Required Required Required Required 1A 1B 1C 2 Prepare the December 31 closing entries. View transaction list Journal entry worksheet