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

Cash	$	73,200
Accounts receivable		51,000
Interest receivable		19,000
Notes receivable (due in 90 days)		171,500
Office supplies		16,500
Automobiles		171,000
Accumulated depreciationAutomobiles				$	100,000
Equipment		134,000
Accumulated depreciationEquipment					19,000
Land		87,000
Accounts payable					105,000
Interest payable					30,000
Salaries payable					16,000
Unearned revenue					30,000
Long-term notes payable					142,000
Common stock					26,580
Retained earnings					239,220
Dividends		53,000
Services revenue					494,000
Interest revenue					20,000
Depreciation expenseAutomobiles		26,500
Depreciation expenseEquipment		20,500
Salaries expense		188,000
Wages expense		48,000
Interest expense		37,200
Office supplies expense		34,400
Advertising expense		64,000
Repairs expenseAutomobiles		27,000
Totals	$	1,221,800		$	1,221,800

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 $239,220]; and (c) the balance sheet as of December 31.