Cash $ 26,100 Receivables from customers (all considered collectible) 11,600 Inventory of merchandise (based on physical count and priced at cost) 74,000 Equipment owned, at cost less used portion 42,500 Accounts payable owed to suppliers 47,940 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 3,300 Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% pretax income; all paid during the current year Common stock (December 31) 119,000 88,200 ? 92,000 Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) 10,600 P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Stock Retained Earnings Balance January 1, Current year $ 0 $ Stock issuance 92,000 Add: Net income Less: Dividends 10,600 Balance December 31, Current year $ 92,000