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 Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies PA1-1 (Algo) Part 2 HIGH POWER CORPORATION Statement of Retained Earnings Retained Earnings, January 1 $ 33,900 12,250 15,100 60,890 2. Prepare a statement of retained earnings for the year ended December 31. Retained Earnings, December 31 2,130 97,000 2,320 60,200 8,030 104,400 6,800