Prepare a balance sheet at December 31 HIGH POWER CORPORATION Balance Sheet Prepare a statement of retained earnings for the year ended December 31 HIGH POWER CORPORATION Statement of Retained Earnings Retained Earnings, January 1 Retained Earnings, December 31 Assume that you are the presldent of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are avallable $32,100 Accounts Payable Accounts Recelvable 9,550 Cash 13,300 Common Stock 59,090 Dividends 1,950 86,000 Equlpment 1,160 58,700 7,850 Notes Payable Operating Expenses Other Expenses Sales Revenue 90,000 Supplles 5,000