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 Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $32, 700 10,450 13,900 59,690 2,010 85,000 1,480 59,000 7,910 90,000 5,600 PA1-1 Part 1 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement