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

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 owner's equity for the year ended December $31[$Note: R$.$ Chiara, Capital at December $31$ of the prior year was $$315,800,$

and there were no owner investments in the current year.$]$ ; and $($c$)$ the balance sheet as of December $31.$

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Prepare Chiara Company's balance sheet as of December $31.$