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 $ 26,200 Receivables from customers (all considered collectible) 11,800 Inventory of merchandise (based on physical count and priced at cost) 70,000 Equipment owned, at cost less used portion 40,900 Accounts payable owed to suppliers 47,640 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 1,900 Total sales revenue 118,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 88,200 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 10,500 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.)