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 $ 24,600 Receivables from customers (all considered collectible) 12,400 Inventory of merchandise (based on physical count and priced at cost) 81,000 Equipment owned, at cost less used portion 41,900 Accounts payable owed to suppliers 46,740 salary payable (on December 31, this was owed to an employee who will be paid on January 16) 2,200 Total sales revenue 120,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 81,200 Income tax expense at 30% * pretax income; all paid during the current year ? Common stock (December 31) 93,900 Dividends declared and paid during the current year 10,100 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement At December 31. Current Year