Problem 3-4A Preparing financial statements from the adjusted trial balance LO P6 The adjusted trial balance for Chiara Company as of December 31 follows. Credit $ Debit 84, 800 51,000 19,600 172,000 16,500 172,000 $ 90,000 148,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings 26,000 Land 87,000 104, 000 15.000 20,000 32.000 144,000 27, 580 248, 220 Dividends 52,000 504,000 28,000 Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 27,000 22,000 190,000 40,000 34, 800 36,000 61,500 24, 600 $1,238, 800 $1, 238, 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 $248,220]; 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 $248,220]; 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 $ 0 0 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 $248,220.] CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec.31 prior year end 0 Retained earnings, Dec. 31 current year end $ 0 Required A Required B Required c Prepare Chiara Company's balance sheet as of December 31. CHIARA COMPANY Balance Sheet December 31 0 0 $ 0 0 0 $ 0