Answer Happy

The adjusted trial balance for Chiara Company as of December 31follows.
Debit
Credit
Cash
$ 228,400
Accounts receivable
52,500
Interest receivable
19,000
Notes receivable (due in 90 days)
173,000
Office supplies
16,000
Automobiles
166,000
Accumulated depreciation—Automobiles
$ 45,000
Equipment
144,000
Accumulated depreciation—Equipment
18,000
Land
82,000
Accounts payable
101,000
Interest payable
45,000
Salaries payable
15,000
Unearned revenue
38,000
Long-term notes payable
146,000
Common stock
34,580
Retained earnings
311,220
Dividends
46,000
Services revenue
564,000
Interest revenue
36,000
Depreciation expense—Automobiles
26,000
Depreciation expense—Equipment
21,000
Salaries expense
185,000
Wages expense
39,000
Interest expense
34,200
Office supplies expense
34,000
Advertising expense
62,500
Repairs expense—Automobiles
25,200
Totals
$ 1,353,800
$ 1,353,800
Required:Use the information in the adjusted trial balance to prepare (a)the income statement for the year ended December 31; (b) thestatement of retained earnings for the year ended December31 [Note: Retained Earnings at December 31of the prior year was $311,220.]; and (c) the balance sheet as ofDecember 31
Prepare the income statement for the year ended December 31.
CHIARA COMPANY
Income Statement
For Year Ended December 31
$0
0
Prepare the statement of retained earnings for the yearended December 31. [Note: Retained Earningsat December 31 of the prior year was$311,220.]
CHIARA COMPANY
Statement of Retained Earnings
For Year Ended December 31
Retained earnings, December 31 prior year end
0
Retained earnings, December 31 current year end
$0
Prepare Chiara Company's balance sheet as of December 31.