You are the president of High Power Corporation. At the end of the first year of operations (December 31, 2017), the following financial data for the company are available: 

Required: 

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

2. Prepare a statement of retained earnings for the year ended December 31, 2017. 

3. Prepare a balance sheet at December 31, 2017.

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Cash $13,300 Accounts Receivable 9,550 5,000 Supplies Equipment Accounts Payable Notes Payable 86,000 32,087 1,160 Sales Revenue 91,000 58,700 Operating Expenses Other Expenses Contributed Capital 8,850 59,103 Dividends 1,950