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

$ $26,500$

Receivables from customers $($all considered collectible$)$

$11,600$

Inventory of merchandise $($based on physical count and priced at cost$)$

$81,000$

Equipment owned, at cost less used portion

$41,800$

Accounts payable owed to suppliers

$47,240$

Salary payable $($on December $31,$ this was owed to an employee who will be paid on January $10)$

$3,500$

Total sales revenue

$130,000$

Expenses, including the cost of the merchandise sold $($excluding income taxes$)$

$85,200$

Income tax expense at $30\%$ pretax income; all paid during the current year

$?$

Common stock $($December $31)$

$89,000$

Dividends declared and paid during the current year

$10,200$

$($Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.$)$

P$1-1$ Part $2$

$2.$ Prepare a statement of stockholders' equity for the year.

$\backslash$table$[[$HIGHLIGHT CONSTRUCTION COMPANY$],[$Statement of Stockholders' Equity$],[,\backslash$table$[[$Common$],[$Stock$]],\backslash$table$[[$Retained$],[$Earnings$]]],[$Balance January $1,$ Current year,,$],[$S$,,]]$