The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 223,500 Accounts receivable

[answerhappygod]

The adjusted trial balance for Chiara Company as of December 31follows. Debit Credit Cash $ 223,500 Accounts receivable 50,500Interest receivable 21,400 Notes receivable (due in 90 days)170,000 Office supplies 16,500 Automobiles 171,000 Accumulateddepreciation—Automobiles $ 70,000 Equipment 134,000 Accumulateddepreciation—Equipment 28,000 Land 85,000 Accounts payable 103,000Interest payable 30,000 Salaries payable 24,000 Unearned revenue42,000 Long-term notes payable 146,000 Common stock 32,580 Retainedearnings 293,220 Dividends 47,000 Services revenue 554,000 Interestrevenue 32,000 Depreciation expense—Automobiles 25,000 Depreciationexpense—Equipment 20,500 Salaries expense 189,000 Wages expense47,000 Interest expense 32,000 Office supplies expense 33,600Advertising expense 64,000 Repairs expense—Automobiles 24,800Totals $ 1,354,800 $ 1,354,800 Required: Use the information in theadjusted trial balance to prepare (a) the income statement for theyear ended December 31; (b) the statement of retained earnings forthe year ended December 31 [Note: Retained Earnings at December 31of the prior year was $293,220.]; and (c) the balance sheet as ofDecember 31.