P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO1-1 Skip to question [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash $ 25,100 Receivables from customers (all considered collectible) 12,000 Inventory of merchandise (based on physical count and priced at cost) 71,000 Equipment owned, at cost less used portion 42,300 Accounts payable owed to suppliers 46,940 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 3,600 Total sales revenue 126,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 86,200 Income tax expense at 30% pretax income; all paid during the current year ? Common stock (December 31) 83,000 Dividends declared and paid during the current year 11,000 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) 2. Prepare a statement of stockholders equity for the year