Penny Cassidy is considenng forming her own poot service and supply company, Penny's Pool Service \& Supply inc. (PPSS) She thas decided to incorporate the business to limit her legal llability She expects to invest 540,000 of her own savings and receive 1,000 shares of capital. Her plan for the first year of operations forecasts the foliowing amournts at December 31 , the end of the year. Cash in bank, \$2,900, amounts due from customers for services rendesed, $2.300; pool supplies inventory, $4,600, equipment, $48,000. amounts owed to Pool Corporation inc, a pool supply wholesales, $3,500, note payable to the bank, $5,000 Penmy forecasts first year sales of $60,000, wages of $24,000, cost of supplies used $3,200, over administrative expenses $4,500, and inconse ta. expente of 54.000 she expects to pay herseif a 510000 dividend as the sole shareholder of the company Required: Required: If Penny's estimates are correct, what would the foliowing first year financial statements look ihe for Penny/ Pool Sorvice \& 5 upply 1. Prepare a statement of eamings for the year ended December 31