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	$ 111,000
124	Office supplies	1,700
128	Prepaid insurance	2,700
167	Equipment	50,000
168	Accumulated depreciationEquipment		$ 5,000
201	Accounts payable		13,500
210	Wages payable		900
301	C. Karise, Capital		36,000
302	C. Karise, Withdrawals	15,500
403	Services revenue		197,600
612	Depreciation expenseEquipment	5,000
623	Wages expense	44,000
637	Insurance expense	1,300
640	Rent expense	14,500
650	Office supplies expense	4,200
690	Utilities expense	3,100
	Totals	$ 253,000	$ 253,000

Note: C. Karise, Capital account balance was $36,000 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.

Explain how you did the math to get the answers.