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 $ $24,500$

Receivables from customers $($all considered collectible$)12,800$

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 $47,040$

Salary payable $($on December $31,$ this was owed to an employee who will be paid on January $10)3,200$

Total sales revenue $133,000$

Expenses, including the cost of the merchandise sold $($excluding income taxes$)85,200$

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

Common stock $($December $31)87,400$

Dividends declared and paid during the current year $10,900$

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