The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable $ 37,900 55,500 22,800 173,000 17,000 168,000 $ 55,000 140,000 17,000 85,000 93,000 40,000 Salaries payable 18,000 Unearned revenue 42,000 Long-term notes payable 152,000 Common stock 27,580 Retained earnings 248,220 Dividends 52,000 Services revenue 474,000 Interest revenue 24,000 Depreciation expense-Automobiles 27,000 Depreciation expense-Equipment 22,000 Salaries expense 191,000 Wages expense 39,000 Interest expense Advertising expense 37,400 Office supplies expense 34,800 58,000 Repairs expense-Automobiles 30,400 Totals $ 1,190,800 $ 1,190,800 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 $248,220.]; and (c) the balance sheet as of December 31. Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at December 31 of the prior year was $248,220.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end Retained earnings, December 31 current year end Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31