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Required information P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet L01-1 (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) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) 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 $ 24,600 11,800 70,000 42,500 47,040 3,400 131,000 84,200 ? 77,000 11,300 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 3 3. Prepare a balance sheet at December 31. HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet $ 0 $ 0 0 $ 0