Part 2 of 3 10 point 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 $24,700 Receivables from customers (all considered collectible) 12,300 Inventory of merchandise (based on physical count and priced at cost) 75,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,440 Print 01 Salary payable (on December 31, this was owed to an employee who will be paid on January 18) Total sales revenue 2,400 116,000 Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 38% pretax income; all paid during the current year Common stock (December 31) 86,200 94,100 Dividends declared and paid during the current year 10,700 References (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 HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity Common Block Retained Eamings Balance January 1, Cument year Balance December 31, Curment year