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Required information CON1-1 (Algo) Financial Statements for a New Business Plan LO1-1 [The following information applies to the questions displayed below] ] Penny Cassidy is considering forming her own pool service and supply company. Penny's Pool Service \& Supply. Incorporated. She has decided to incorporate the business to limit her legal liablity. She expects to invest $24,000 of her own savings and receive 1,000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31 , the end of the current year: cash in bank, $3,300; amounts due from customers for services rendered, \$2,700; pool supplies inventory, \$5,000; equipment, \$28,400; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $3,900; note payable to the bank, $5,400. Penny forecasts first-year sales of $62,400, wages of $24,400, cost of supplies used $8,600, other administrative expenses of $4,900, and income tax expense of $4,400. She expects to pay herself a $14,000 dividend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service & Supply, Incorporated? Required: 1. Prepare a summarized income statement for the current year