The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 30,000 52,000 18,000 168,000 16,000 168,000 5 $ 50,000 138,000 18,000 78,000 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 revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 96,000 20,000 19,000 30,000 138,000 20,000 235,800 46,000 484,000 24,000 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $1,134,800 $1,134,800 Required: Use the information in the adjusted trial balance to prepare (a) the income statement fort statement of retained earnings for the year ended December 31 (Note: Retained Earnings CHIARA COMPANY Balance Sheet December 31 Assets $ Cash Office supplies Accounts receivable Interest receivable 30,000 16,000 52,000 18,000 0 0 $ 116,000 0