4 Cash $ 25,600 Receivables from customers (all considered collectible) 10,800 11 of 3 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 81,000 42,000 Accounts payable owed to suppliers 46,140 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 2,520 128,400 nts Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30 pretax income; all paid during the current year Common stock (December 31) 80,200 7 07,000 Dividends declared and paid during the current year 10,000 00:49 18 eBook Print eferences (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year