Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available:

Accounts Payable	$	32,100
Accounts Receivable		9,550
Cash		13,300
Common Stock		59,090
Dividends		1,950
Equipment		86,000
Notes Payable		1,160
Operating Expenses		58,700
Other Expenses		7,850
Sales Revenue		90,000
Supplies		5,000

2. Prepare a statement of retained earnings for the year ended December 31.