Required information P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO1-1 (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) $ 26,108 12,000 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 82,000 41,500 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Expenses, including the cost of the merchandise sold (excluding income taxes) Accounts payable.owed to suppliers Total sales revenue Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) 46,740 3,400 119,000 88,200 ? 100,800 10,900 P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year HIGHLIGHT CONSTRUCTION COMPANY Gatament of Bockholders Equity For the Year Ended December 31, Current Year < Prev 2 3 of 4 Score answer > Ch nces P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Balance January 1, Current year Income tax expense Balance December 31, Current year Common Stock Retained Earnings 100,800