The adjusted trial balance of Karise Repairs on December 31 follows. Note, C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments during the year. Note. C. Karise, Capital account balance was $35.000 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