The adjusted trial balance of Karise Repairs on December 31, 2017, follows. Credit Debit $ 43,000 1,700 2,950 60,000 $ KARISE REPAIRS Adjusted Trial Balance December 31, 2017 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 fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals 6,000 12,000 1,300 32,000 18,000 142,050 6,000 42,000 500 13,000 3,100 3,100 $ 193,350 $193,350 Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017 1b. Prepare a statement of owner's equity for the year 2017 1c. Prepare a classified balance sheet at December 31, 2017 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 2017, KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues: Expenses: Total expenses Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a statement of owner's equity for the year 2017. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31, 2017 C. Karise, Capital, Jan. 1, 2017 C. Karise, Capital, Dec 31, 2017 S Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a classified balance sheet at December 31, 2017 KARISE REPAIRS Balance Sheet December 31, 2017 Required 1A Required 1B Required 1C Required 2 Required 3 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. 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 fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense 901 Income summary KARISE REPAIRS Partial Work Sheet For Year Ended December 31, 2017 Adjusted Closing Trial Balance Entry Information Dr. cr. Dr. cr. 43,000 1,700 2,950 60,000 6,000 12,000 1,300 32,000 18,000 142,050 6,000 42,000 500 13,000 3,100 3,100 Total $ 193,350 $ 193,350S 0S 0S 0S 0