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 avallable: PA1-1 (Algo) Part 1 Required: 1. Prepare an income statement for the year ended December 31. 1. Prepare an income statement for the year ended December 31