Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial Statements [LO 1-2, LO 1-3) (The following information applies to the questions displayed below.) Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: accounts Payable $ 33,600 Accounts Receivable 11,800 Cash 14,800 Common Stock 60,590 Dividends 2,100 Equipment 94,000 Notes Payable 2,110 Operating Expenses 59,900 Other Expenses 8,000 Sales Revenue 100,800 Supplies 6,500 1-1 (Algo) Part 1 Supplies 6,500 PA1-1 (Algo) Part 1 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement