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 $ 51,000 124 Office supplies 1,900 128 Prepaid insurance 2,250 167 Equipment 56,000 168 Accumulated depreciationEquipment $ 5,600 201 Accounts payable 14,500 210 Wages payable 1,500 301 C. Karise, Capital 30,000 302 C. Karise, Withdrawals 19,000 403 Services revenue 148,350 612 Depreciation expenseEquipment 5,600 623 Wages expense 44,000 637 Insurance expense 900 640 Rent expense 12,500 650 Office supplies expense 3,300 690 Utilities expense 3,500 Totals $ 199,950 $ 199,950 Note: C. Karise, Capital account balance was $30,000 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