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

	Debit			Credit
Cash	$	265,100
Accounts receivable		51,000
Interest receivable		23,200
Notes receivable (due in 90 days)		173,000
Office supplies		15,500
Automobiles		173,000
Accumulated depreciationAutomobiles				$	55,000
Equipment		140,000
Accumulated depreciationEquipment					28,000
Land		84,000
Accounts payable					97,000
Interest payable					50,000
Salaries payable					22,000
Unearned fees					34,000
Long-term notes payable					154,000
Common stock					35,580
Retained earnings					320,220
Dividends		53,000
Fees earned					584,000
Interest earned					32,000
Depreciation expenseAutomobiles		27,500
Depreciation expenseEquipment		18,500
Salaries expense		182,000
Wages expense		45,000
Interest expense		34,800
Office supplies expense		35,800
Advertising expense		60,000
Repairs expenseAutomobiles		30,400
Totals	$	1,411,800		$	1,411,800

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 retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $320,220]; and (c) the balance sheet as of December 31.