The adjusted trial balance for Chiara Company as of December 31 follows Cash Accounts receivable Interest receivable Debit $ 113,500 Credit Notes receivable (due in 98 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land 53,000 19,600 171,000 15,500 173,000 $ 85,000 144,000 19,000 79,000 Accounts payable 98,000 Interest payable 15,000 Salaries payable 21,000 Unearned fees 47.000 Long-term notes payable 156,000 Common stock 24,580 Retained earnings 221,220 Dividends 51,000 Fees earned 554,000 Interest earned 22,000 Depreciation expense-Automobiles 25,500 Depreciation expense-Equipment 22,000 Salaries expense 190,000 Wages expense 43,000 Interest expense Advertising expense 33,400 office supplies expense 33,400 60,500 Repairs expense-Autonobiles Totals 30,400 $1,257,800 $1,257,800 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 $221,220 and (c) the balance sheet as of December 31.