The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 156,800 Accounts receivable 51,000 Interest receivable 20,000 Notes receivable (due in 90 days) 168,500 Office supplies 16,000 Automobiles 175,000 Accumulated depreciationAutomobiles $ 90,000 Equipment 140,000 Accumulated depreciationEquipment 27,000 Land 80,000 Accounts payable 98,000 Interest payable 35,000 Salaries payable 25,000 Unearned revenue 30,000 Long-term notes payable 152,000 R. Chiara, Capital 275,800 R. Chiara, Withdrawals 48,000 Services revenue 514,000 Interest revenue 38,000 Depreciation expenseAutomobiles 28,000 Depreciation expenseEquipment 18,500 Salaries expense 182,000 Wages expense 46,000 Int

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

DebitCreditCash$ 156,800Accounts receivable51,000Interest receivable20,000Notes receivable (due in 90 days)168,500Office supplies16,000Automobiles175,000Accumulated depreciationAutomobiles$ 90,000Equipment140,000Accumulated depreciationEquipment27,000Land80,000Accounts payable98,000Interest payable35,000Salaries payable25,000Unearned revenue30,000Long-term notes payable152,000R. Chiara, Capital275,800R. Chiara, Withdrawals48,000Services revenue514,000Interest revenue38,000Depreciation expenseAutomobiles28,000Depreciation expenseEquipment18,500Salaries expense182,000Wages expense46,000Interest expense35,200Office supplies expense33,400Advertising expense58,000Repairs expenseAutomobiles28,400Totals$ 1,284,800$ 1,284,800

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 owner's equity for the year ended December 31 [Note: R. Chiara, Capital at December 31 of the prior year was $275,800, and there were no owner investments in the current year.] ; and (c) the balance sheet as of December 31.