The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 53,000 1,500 2,700 58,000 $ 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 Wares expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals 5,800 12,500 1,200 38,000 18,500 145,000 5,888 38,000 700 16, See 4,300 3,500 5202,500 5202,500 Note: C. Karise, Capital was $38,000 on December 31 of the prior year. Required: 10. Prepare an income statement for the year, 16. 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 Required 1B > Print Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a statement of owner's equity for the year. erences KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31 C. Karise, Capital, Dec. 31 prior year end C. Karise, Capital, Dec. 31 current year end s KARISE REPAIRS Balance Sheet December 31 View transaction list Journal entry worksheet Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 1 TL Record entry Clear entry View general journal