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: Monta Payable $ 32,100 9.550 Common tok Ncounts Receivable Cash Dividendo Equipment Notes Payable Operating Thxpenses Other Expenses Sales Revenge Supplies 13,200 59,090 1.950 36,000 1.160 50,700 7.050 90,000 5.000 PA1-1 (Static) Part 3 HIGH POWER CORPORATION Balance Sheet For the Year Ended December 31 Assets Cash $ Accounts Receivable Supplies Equipment 13,300 9,550 5,000 86,000 Total Assets $ 113,850 Liabilities Accounts Payable Notes Payable $ 32,150 1,160 33,310 Total Liabilities Stockholders' Equity Retained Earnings Common Stock 59,090 Total Liabilities Total Liabilities and Stockholders' Equity 59,090 92,400 $