Assume that you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operoting Expenses Other Expenses Sales Revenue Supplies $ 34,230 10,600 15,000 11,100 1,400 90,000 52,870 71,000 9400 109.300 10,100 value: 1.50 polnts Required 1. Prepare an income statement for the year ended December 31 APEC AEROSPACE CORPORATION Income Statement 2. Prepare a statement of retained earnings for the year ended December 31. APEC AEROSPACE CORPORATION Statement of Retained Earnings Retained Earnings, January 1 Retained Earnings, December 31