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

Debit Credit

Cash $ $198,200$

Accounts receivable $51,500$

Interest receivable $20,600$

Notes receivable $($due in $90$ days$)170,500$

Office supplies $16,500$

Automobiles $169,000$

Accumulated depreciation$$Automobiles $ $50,000$

Equipment $144,000$

Accumulated depreciation$$Equipment $26,000$

Land $81,000$

Accounts payable $93,000$

Interest payable $50,000$

Salaries payable $24,000$

Unearned revenue $42,000$

Long$-$term notes payable $152,000$

Common stock $30,580$

Retained earnings $275,220$

Dividends $51,000$

Services revenue $574,000$

Interest revenue $24,000$

Depreciation expense$$Automobiles $27,000$

Depreciation expense$$Equipment $21,500$

Salaries expense $186,000$

Wages expense $38,000$

Interest expense $35,000$

Office supplies expense $34,200$

Advertising expense $64,000$

Repairs expense$$Automobiles $32,800$

Totals $ $1,340,800$ $ $1,340,800$

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 $$275,220.]$; and $($c$)$ the balance sheet as of December $31.$