Part 1 of 3 10 points Required information [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 Receivables from customers (all considered collectible) $ 24,700 eBook Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 12,300 75,000 42,100 Accounts payable owed to suppliers Priv Expenses, including the cost of the merchandise sold (excluding income taxes) Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 47,448 2,400 116,000 36,200 Income tax expense at 30% pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year 94,100 10,700 References (Note: The beginning balances in Common stock and Retained eamings are zero because it is the first year of operations.) Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement