Assume that 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:

Accounts Payable $ 32,600 Accounts Receivable 10,300 Cash 13,800 Common Stock 59,590 Dividends 2,000 Equipment 84,000 Notes Payable 1,410 Operating Expenses 58,900 Other Expenses 7,900 Sales Revenue 88,800 Supplies 5,500

1. Prepare an income statement for the year ended December 31 HIGH POWER CORPORATION Income Statement