The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash Accounts receivable Interest receivable $ 188,700 54,000 21,400 Automobiles Notes receivable (due in 90 days) Office supplies Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable 172,500 15,500 172,000 $ 60,000 136,000 17,000 79,000 93,000 50,000 18,000 Unearned fees 36,000 Long-term notes payable 148,000 Common stock 35,580 Retained earnings 320,220 Dividends 46,000 Fees earned 514,000 Interest earned 34,000 Depreciation expense-Automobiles 27,500 Depreciation expense-Equipment 19,000 Salaries expense 189,000 Wages expense Interest expense Advertising expense 43,000 37,600 Office supplies expense Repairs expense-Automobiles Totals 35,000 65,000 24,600 $1,325,800 $1,325,800 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 $320,220]; and (c) the balance sheet as of December 31.