The adjusted trial balance for Chiara Company as of December 31 follows.

	Debit			Credit
Cash	$	69,000
Accounts receivable		54,000
Interest receivable		22,000
Notes receivable (due in 90 days)		170,500
Office supplies		16,500
Automobiles		171,000
Accumulated depreciationAutomobiles				$	70,000
Equipment		142,000
Accumulated depreciationEquipment					20,000
Land		86,000
Accounts payable					103,000
Interest payable					25,000
Salaries payable					23,000
Unearned fees					30,000
Long-term notes payable					146,000
Common stock					28,580
Retained earnings					257,220
Dividends		46,000
Fees earned					484,000
Interest earned					22,000
Depreciation expenseAutomobiles		25,000
Depreciation expenseEquipment		18,000
Salaries expense		191,000
Wages expense		42,000
Interest expense		36,400
Office supplies expense		33,200
Advertising expense		59,000
Repairs expenseAutomobiles		27,200
Totals	$	1,208,800		$	1,208,800

Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $257,220]; and (c) the balance sheet as of December 31.

CHIARA COMPANY Income Statement For Year Ended December 31 CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec.31 prior year end Retained earnings, Dec. 31 current year end CHIARA COMPANY Balance Sheet December 31