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 (Nl 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 taxes expense at 30% pretax income, all paid during the current year Common stock (December 3) Dividends declared and paid during the current year Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations) $24.700 12.800 70,000 42.700 47,040 3.700 125.000 BL200 7 30.300 14500 3. value 5.00 points Required: 1. Prepare a summarized income statement for the year HIGHLIGHT CONSTRUCTION COMPANY Income Statement 2. Prepare a statement of stockholders' equity for the year. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity Common Stock Retained Earnings Balance January 1, Current year Balance December 31, Current year 3. Prepare a balance sheet at December 31. HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet $ 0 0 $ 0