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The adjusted trial balance for Chiara Company as of December 31 follows. Credit Debit $ 204,700 55,500 22,400 172,500 16,500 173,000 $ 55,000 148,000 21,000 80,000 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 Common stock Retained earnings Dividends 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 92,000 50,000 25,000 28,000 146,000 34,580 311,220 48,000 554,000 36,000 25,000 21,500 184,000 41,000 34,600 35,400 61,500 29,200 $ 1,352,800 $ 1,352,800 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 $311,220.); and (c) the balance sheet as of December 31. 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 $311,220.); and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the income statement for the year ended December 31. CHIARA COMPANY Income Statement For Year Ended December 31 Equity Interest receivable Accounts receivable $ 0 Assets Required A Required B > 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 $311,220.); and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the statement of retained earnings for the year ended December 31. [Note: Retained Earnings at 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 $ 311,220 Add: Net income Less: Dividends 311,220 48,000 263,220 Retained earnings, December 31 current year end $ 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 $311,220.); and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 Assets Cash $ 204,700 55,500 Accounts receivable Office supplies 16,500 Interest receivable 22,400 Notes receivable 172,500 Automobiles $ 173,000 Accumulated depreciation-Automobiles 173,000 0 $ 644,600 Liabilities 0 Equity 0 $ 0

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