The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $114,000 1,900 2,650 57,000 KARISE REPAIRS Adjusted Trial Balance December 31 Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 c. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals $ 5,700 14,000 1,300 32,000 20,000 211,550 5,700 40,000 1,400 15,000 3,400 3,500 $264,550 $264,550 Note: C. Karise, Capital was $32,000 on December 31 of the prior 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. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry Information and the last two columns for a post-closing trial balance. 3. Using information from the work sheet in Requirement 2 prepare the appropriate closing entries. Required 1A Required 1B Required 1C Required 2 Required 3 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 Required 1B Required 10 Required 2 Required 3 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, Dec. 31 prior year end 0 C. Karise, Capital, Dec. 31 current year end $ 0 Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 $ 0 0 0 Post-Closing Trial Balance Dr. Cr $ No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 210 Wages payable 301 C, Karise. Capital 302 C. Karise, Withdrawals 401 Repair foes eamed 612 Depreciation expense Equipment 623 Wagos expense 637 Insurance expense 640 Rent exponse 650 Office supplies expense 690 Utilities expense 901 Income summary KARISE REPAIRS Partial Work Sheet For Year Ended December 31 Adjusted Closing Trial Balance Entry Information Dr. Cr. Dr. Cr. 114,000 1,900 2,650 57,000 $ 5,700 14.000 1.300 32.000 20,000 211,550 5,700 40,000 1,400 15,000 3,400 3,500 Journal entry worksheet