Required information 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 $ 34,000 12,400 15,200 60,990 2,140 98,000 2,390 60,300 8,040 105,600 6,900 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement 0 0