The adjusted trial balance of Karise Repairs on December 31 follows. Required 1. Prepare an income statement

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The adjusted trial balance of Karise Repairs on December 31 follows.imageRequired1. Prepare an income statement and a statement of owner’s equity for the year, and a classified balance sheet at December 31. The C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the current year.2. Prepare the December 31 closing entries.

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