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 $305,800, and there were no owner investments in the current year.] ; and (c) the balance sheet as of December 31.

The adjusted trial balance for Chiara Company as of December 31 follows. Credit Debit $ 226,000 55,000 22,400 169,500 16,500 172,000 $ 105,000 140,000 25,000 81,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned revenue Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 99,000 25,000 23,000 42,000 154,000 305,800 45,000 544,000 36,000 27,000 19,500 185,000 40,000 32,200 35,600 61,500 30,600 $ 1,358,800 $ 1,358,800 CHIARA COMPANY Income Statement For Year Ended December 31 Prepare the statement of owner's equity for the year ended December 31. [Note: R. Chiara, Capital at December 31 of the prior year was $305,800, and there were no owner investments in the current year.] CHIARA COMPANY Statement of Owner's Equity For Year Ended December 31 R. Chiara, Capital, December 31 prior year Add: Investments by owner 0 R. Chiara, Capital, December 31 current year Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 Prey 1 of 1 E