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: 2. Prepare a statement of retained earnings for the year ended December 31. Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Sales Revenue Operating Expenses Other Expenses Contributed Capital Dividends $ 14,200 10,400 9,500 167,000 101,028 2,060 107,000 64,200 10,350 66,900 1,338 HIGH POWER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained eamings, January 1 Retained eamings, December 31 $ 0 Required: 1. Prepare an income statement for the year ended December 31. 3. Prepare a balance sheet at December 31. Expenses Total expenses HIGH POWER CORPORATION Income Statement For the Year Ended December 31 Assets HIGH POWER CORPORATION Balance Sheet At December 31 Total assets Liabilities $ Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholder aquity 0 3 0