The adjusted trial balance for Chiara Company as of December 31, 2015, follows.

Debit

Credit

Cash

$

36,200

Accounts receivable

50,000

Interest receivable

23,000

Notes receivable (due in 90 days)

169,500

Office supplies

17,000

Automobiles

171,000

Accumulated depreciationAutomobiles

$

55,000

Equipment

144,000

Accumulated depreciationEquipment

21,000

Land

86,000

Accounts payable

96,000

Interest payable

20,000

Salaries payable

18,000

Unearned fees

34,000

Long-term notes payable

144,000

Common stock

49,160

Retained earnings

196,640

Dividends

50,000

Fees earned

514,000

Interest earned

30,000

Depreciation expenseAutomobiles

25,000

Depreciation expenseEquipment

18,000

Salaries expense

186,000

Wages expense

44,000

Interest expense

33,400

Office supplies expense

33,600

Advertising expense

61,500

Repairs expenseAutomobiles

29,600

Totals

$

1,177,800

$

1,177,800

Required:

1(a)

Prepare the income statement for the year ended December 31, 2015

1(b)

Prepare the statement of owner's equity for the year ended December 31, 2015.

1(c)

Prepare Chiara Company's balance sheet as of December 31, 2015.

2.	Calculate the profit margin for year 2015.