The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2015, follows. Debit Credit Cash $ 204,500 Accounts receivable 51,500 Interest receivable 21,000 Notes receivable (due in 90 days) 170,500 Office supplies 16,000 Automobiles 172,000 Accumulated depreciationAutomobiles $ 95,000 Equipment 136,000 Accumulated depreciationEquipment 21,000 Land 76,000 Accounts payable 96,000 Interest payable 40,000 Salaries payable 16,000 Unearned fees 36,000 Long-term notes payable 154,000 Common stock 55,160 Retained earnings 220,640 Dividends 44,000 Fees earned 564,000 Interest earned 26,000 Depreciation expenseAutomobiles 27,000 Depreciation expenseEquipment 18,000 Salaries expense 185,000 Wages expense 40,000 Interest expense 35,400 Office supplies expense 34,400 Advertising expense 60,500 Repairs expenseAutomobiles 32,000 Totals $ 1,323,800 $ 1,323,800 7. value: 1.50 points Required information 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. References eBook & Resources WorksheetLearning Objective: 03-A1 Compute profit margin and describe its use in analyzing company performance. Difficulty: 3 HardLearning Objective: 03-P3 Prepare financial statements from an adjusted trial balance. Check my work 8. value: 1.00 points Required information 2. Calculate the profit margin for year 2015.