[step:Characterise positivity via the norm-attaining condition at $\mathbb{1}_K$]We prove $M_+(K) = \{\varphi \in M(K) : \|\varphi\| = \varphi(\mathbb{1}_K)\}$.
($\subseteq$). Let $\varphi \in M_+(K)$ (so $\varphi$ is real-linear, positive: $\varphi(f) \ge 0$ for $f \in C(K)$ with $f \ge 0$; in particular $\varphi \in M_\mathbb{R}(K)$). For $f \in C_\mathbb{R}(K)$ with $\|f\|_\infty \le 1$, the inequalities $-\mathbb{1}_K \le f \le \mathbb{1}_K$ hold pointwise, so $\mathbb{1}_K - f \ge 0$ and $\mathbb{1}_K + f \ge 0$. Positivity gives $\varphi(\mathbb{1}_K) - \varphi(f) \ge 0$ and $\varphi(\mathbb{1}_K) + \varphi(f) \ge 0$, hence $|\varphi(f)| \le \varphi(\mathbb{1}_K)$. Combined with the part (ii) isometry, this gives $\|\varphi\| = \|\varphi|_{C_\mathbb{R}(K)}\| \le \varphi(\mathbb{1}_K)$. Since $\|\mathbb{1}_K\|_\infty = 1$ and $\varphi(\mathbb{1}_K) \in \mathbb{R}$ with $\varphi(\mathbb{1}_K) \ge 0$, the supremum is attained: $\|\varphi\| \ge |\varphi(\mathbb{1}_K)| = \varphi(\mathbb{1}_K)$. Hence $\|\varphi\| = \varphi(\mathbb{1}_K)$.
($\supseteq$). Let $\varphi \in M(K)$ with $\|\varphi\| = \varphi(\mathbb{1}_K)$. The right-hand side is real, so $\varphi(\mathbb{1}_K) \in \mathbb{R}$, and $\|\varphi\| \ge 0$ forces $\varphi(\mathbb{1}_K) \ge 0$. We may assume $\|\varphi\| > 0$, else $\varphi \equiv 0 \in M_+(K)$. Normalising, replace $\varphi$ by $\varphi / \varphi(\mathbb{1}_K)$ to assume $\|\varphi\| = \varphi(\mathbb{1}_K) = 1$.
We first show $\varphi \in M_\mathbb{R}(K)$. Fix $f \in C_\mathbb{R}(K)$ and write $\varphi(f) = a + ib$ with $a, b \in \mathbb{R}$. We show $b = 0$. For $t \in \mathbb{R}$, the function $f + it\mathbb{1}_K \in C(K)$ has $\|f + it\mathbb{1}_K\|_\infty = \sup_{x \in K} \sqrt{f(x)^2 + t^2} = \sqrt{\|f\|_\infty^2 + t^2}$, and
\begin{align*}
|\varphi(f + it\mathbb{1}_K)|^2 = |a + ib + it|^2 = a^2 + (b + t)^2.
\end{align*}
The bound $|\varphi(g)| \le \|\varphi\| \|g\|_\infty = \|g\|_\infty$ gives
\begin{align*}
a^2 + (b+t)^2 \le \|f\|_\infty^2 + t^2 \quad \text{for all } t \in \mathbb{R}.
\end{align*}
Expanding: $a^2 + b^2 + 2bt + t^2 \le \|f\|_\infty^2 + t^2$, i.e. $a^2 + b^2 + 2bt \le \|f\|_\infty^2$. If $b \ne 0$, sending $t \to \operatorname{sgn}(b) \cdot \infty$ makes the left-hand side blow up to $+\infty$, contradicting the bound. Hence $b = 0$, i.e. $\varphi(f) \in \mathbb{R}$, so $\varphi \in M_\mathbb{R}(K)$.
Next, we show $\varphi$ is positive. Let $f \in C_\mathbb{R}(K)$ with $0 \le f \le \mathbb{1}_K$. Then $\mathbb{1}_K - f \in C_\mathbb{R}(K)$ with $0 \le \mathbb{1}_K - f \le \mathbb{1}_K$, so $\|\mathbb{1}_K - f\|_\infty \le 1$ and $|\varphi(\mathbb{1}_K - f)| \le \|\varphi\| = 1$. Therefore
\begin{align*}
\varphi(f) = \varphi(\mathbb{1}_K) - \varphi(\mathbb{1}_K - f) = 1 - \varphi(\mathbb{1}_K - f) \ge 1 - |\varphi(\mathbb{1}_K - f)| \ge 1 - 1 = 0.
\end{align*}
For general $f \ge 0$ in $C_\mathbb{R}(K)$, write $f = \|f\|_\infty \cdot (f / \|f\|_\infty)$ (assuming $f \ne 0$; the case $f = 0$ is immediate); the rescaled function lies in $[0, 1]$, so $\varphi(f / \|f\|_\infty) \ge 0$ by the previous case, and $\varphi(f) = \|f\|_\infty \varphi(f/\|f\|_\infty) \ge 0$. Hence $\varphi \in M_+(K)$.
For the inclusion $M_+(K) \subset M(K)$: positive functionals are by definition real-linear and bounded (the bound being $\|\varphi\| = \varphi(\mathbb{1}_K)$ as just shown), and by the surjectivity in Step 2 every real-linear bounded functional on $C_\mathbb{R}(K)$ extends uniquely to a complex-linear bounded functional on $C(K)$.[/step]