2. Prepare a statement of retained earnings for the year ended December 31. HIGH POWER CORPORATION Statement of Retained Earnings Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: For the Year Ended December 31 Retained earnings, January 1 Cash. Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Sales Revenue Operating Expenses Other Expenses Contributed Capital Dividends $ 13,950 11,050 6,750 98,000 11,278 1,260 163,000 97,800 11,100 64,400 1,288 Required: 1. Prepare an income statement for the year ended December 31. Expenses Total expenses HIGH POWER CORPORATION Income Statement For the Year Ended December 31 0 Retained earnings, December 31 3. Prepare a balance sheet at December 31. Assets Total assets Liabilities Total liabilities Shareholders' equity HIGH POWER CORPORATION Balance Sheet At December 31 Total shareholders' equity Total liabilities and shareholders' equity $ $