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

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 $31.$