The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 166,700 Accounts receivable 50,000 Interest receivable 19,400 Notes receivable (due in 90 days) 170,000 Office supplies 16,500 Automobiles 169,000 Accumulated depreciationAutomobiles $ 75,000 Equipment 144,000 Accumulated depreciationEquipment 26,000 Land 88,000 Accounts payable 105,000 Interest payable 50,000 Salaries payable 16,000 Unearned fees 30,000 Long-term notes payable 146,000 Common stock 25,580 Retained earnings 230,220 Dividends 54,000 Fees earned 584,000 Interest earned 24,000 Depreciation expenseAutomobiles 26,500 Depreciation expenseEquipment 20,000 Salaries expense 182,000 Wages expense 45,000 Interest expense 33,600 Office supplies expense 34,200 Advertising expense 61,500 Repairs expenseAutomobiles 31,400 Totals $ 1,311,800 $ 1,311,800

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 $230,220]; and (c) the balance sheet as of December 31.

The adjusted trial balance for Chiara Company as of December 31 follows. Credit Debit $ 166,700 50,000 19,400 170,000 16,500 169,000 $ 75,000 144,000 26,000 88,000 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 Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 105,000 50,000 16.000 30,000 146,000 25,580 230,220 54,000 584.000 24,000 26,500 20,000 182,000 45,000 33,600 34,200 61,500 31,400 $1,311,800 $1,311,800 D 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 $230,220]; and (c) the balance sheet as of December 31