The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ $ Debit 96,200 53,000 20,400 169,500 16,000 172,000 60,000 148,000 21,000 86,000 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 96,000 45,000 25,000 38,000 152,000 27,580 248, 220 47,000 504,000 26,000 27,500 18,000 191,000 42,000 33,400 34,400 61,000 27,400 $1,242,800 $1,242,800 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare the income statement for the year ended December 31. $ 242,900 CHIARA COMPANY Income Statement For Year Ended December 31 Revenues Accounts receivable 53,000 Interest receivable 20,400 Notes receivable 169,500 Total revenues Expenses Advertising expense 61,000 Depreciation expense-Automobiles 60,000 Depreciation expense-Equipment 21,000 Interest expense 26,000 Office supplies expense 34,400 Repairs expense-Automobiles 27,400 Salaries expense 191,000 Wages expense 42,000 462,800 Total expenses Net income Required Required B > 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 Complete this question by entering your answers in the tabs below. Required A Required B Required 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, Dec 31 prior year end Add: Net Income $ 248,220 Less: Dividends Retained earnings. Dec 31 current year and 248,220 47,000 $ 201,220 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 Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare Chiara Company's balance sheet as of December 31. 5 CHIARA COMPANY Balance Sheet December 31 Assets Cash Accounts receivable interest receivable Notes receivable Fotice supplies Accumulated depreciation-Automobiles Depreciation expense-Automobiles Acoumulated depreciation Equipment Depreciation expense-Equipment Land 03.200 53,000 24.000 100,000 16.000 5 112.000 172,000 30.000 148,000 21,000 127.000 88.000 883.700 Total assets Liabilities Accounts payable Interest payable Long-term notes payable Salaries payable Unearned fees 90.000 45,000 152.000 25.000 38.000 Total liabilities 350,000 Equity Common stock Foos warned Interest eamed Total equity Total assets and liability 27.580 504.000 20.000 557 580 913.560 5