Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 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) Dividends declared and paid during the current year $ 26,400 12,100 80,000 41,000 46,540 3,500 131,000 88,200 ? 89,800 10,300 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet At December 31, Current Year Assets $ Cash Receivables from customers Inventory of merchandise Equipment 26,400 12,100 80,000 41,000 Total assets $ 159,500 Liabilities $ Accounts payable Salary payable 46,540 3,500 $ 50,040 Total liabilities Stockholders' Equity Common stock Retained earnings $ 89,800 24,160 Total stockholders' equity [Total liabilities and stockholders' equity 113,960 164,000