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[The following information applies to the questionsdisplayed below.]
  
The adjusted trial balance for Chiara Company as of December 31,2017, follows.

	Debit	Credit
Cash	$	176,900
Accounts receivable		51,000
Interest receivable		22,600
Notes receivable (due in 90 days)		172,000
Office supplies		16,000
Automobiles		172,000
Accumulated depreciation—Automobiles				$	95,000
Equipment		136,000
Accumulated depreciation—Equipment					21,000
Land		78,000
Accounts payable					92,000
Interest payable					20,000
Salaries payable					17,000
Unearned fees					40,000
Long-term notes payable					156,000
Common stock					29,580
Retained earnings					266,220
Dividends		45,000
Fees earned					544,000
Interest earned					26,000
Depreciation expense—Automobiles		26,500
Depreciation expense—Equipment		22,000
Salaries expense		189,000
Wages expense		44,000
Interest expense		34,800
Office supplies expense		34,000
Advertising expense		62,000
Repairs expense—Automobiles		25,000
Totals	$	1,306,800		$	1,306,800

Required:
1(a) Prepare the income statement for the year endedDecember 31, 2017.
1(b) Prepare the statement of retained earningsfor the year ended December 31, 2017.
1(c) Prepare Chiara Company's balance sheet as ofDecember 31, 2017.

Prepare the income statement for the year ended December 31,2017.

	CHIARA COMPANY Income Statement For Year Ended December 31, 2017 $0 0

Prepare the statement of retained earnings for the year endedDecember 31, 2017.

	CHIARA COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31,2016 0 Retained earnings, December31, 2017 $0

Prepare Chiara Company's balance sheet as of December 31,2017.

	CHIARA COMPANY Balance Sheet December 31, 2017 0 0 $0 0 0 $0