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 $302,220]; and (c) the balance sheet as of December 31.

Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at December 31 of the prior year was $302,220.] Prepare Chiara Company's UNCLASSIFIED balance sheet as of December 3 CHIARA COMPANY Balance Sheet December 31 \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|r|}{ Debit } & \multicolumn{2}{|r|}{ Credit } \\ \hline Cash & $ & 185,900 & & \\ \hline Accounts receivable & & 56,000 & & \\ \hline Interest receivable & & 22,200 & & \\ \hline Notes receivable (due in 90 days) & & 171,000 & & \\ \hline Office supplies & & 15,500 & & \\ \hline Automobiles & & 174,000 & & \\ \hline Accumulated depreciation-Automobiles & & & $ & 65,000 \\ \hline Equipment & & 140,000 & & \\ \hline Accumulated depreciation-Equipment & & & & 26,000 \\ \hline Land & & 78,000 & & \\ \hline Accounts payable & & & & 94,000 \\ \hline Interest payable & & & & 15,000 \\ \hline Salaries payable & & & & 21,000 \\ \hline Unearned revenue & & & & 46,000 \\ \hline Long-term notes payable & & & & 148,000 \\ \hline Common stock & & & & 33,580 \\ \hline Retained earnings & & & & 302,220 \\ \hline Dividends & & 49,000 & & \\ \hline Services revenue & & & & 554,000 \\ \hline Interest revenue & & & & 26,000 \\ \hline Depreciation expense-Automobiles & & 26,500 & & \\ \hline Depreciation expense-Equipment & & 20,500 & & \\ \hline Salaries expense & & 189,000 & & \\ \hline Wages expense & & 46,000 & & \\ \hline Interest expense & & 34,000 & & \\ \hline Office supplies expense & & 34,800 & & \\ \hline Advertising expense & & 59,000 & & \\ \hline Repairs expense-Automobiles & & 29,400 & & \\ \hline Totals & & 1,330,800 & & ,330,800 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline Required A & Required B & Required C \\ \hline \end{tabular} Prepare the income statement for the year ended December 31. \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ CHIARA COMPANY } \\ \hline Income Statement \\ \hline For Year Ended December 31 \\ \hline \end{tabular}