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

	Debit	Credit
Cash	$ 235,000
Accounts receivable	52,000
Interest receivable	20,800
Notes receivable (due in 90 days)	168,500
Office supplies	16,500
Automobiles	171,000
Accumulated depreciationAutomobiles		$ 55,000
Equipment	138,000
Accumulated depreciationEquipment		17,000
Land	80,000
Accounts payable		93,000
Interest payable		45,000
Salaries payable		21,000
Unearned revenue		40,000
Long-term notes payable		154,000
R. Chiara, Capital		355,800
R. Chiara, Withdrawals	49,000
Services revenue		554,000
Interest revenue		32,000
Depreciation expenseAutomobiles	25,000
Depreciation expenseEquipment	18,000
Salaries expense	182,000
Wages expense	45,000
Interest expense	37,600
Office supplies expense	34,400
Advertising expense	63,000
Repairs expenseAutomobiles	31,000
Totals	$ 1,366,800	$ 1,366,800

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 $355,800, and there were no owner investments in the current year.] ; and (c) the balance sheet as of December 31.

CHIARA COMPANY Balance Sheet December 31 CHIARA COMPANY Income Statement For Year Ended December 31 CHIARA COMPANY Statement of Owner's Equity For Year Ended December 31 R. Chiara, Capital, December 31 prior year Add: Investments by owner R. Chiara, Capital, December 31 current year