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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 $ $25,200$

Receivables from customers $($all considered collectible$)11,000$

Inventory of merchandise $($based on physical count and priced at cost$)72,000$

Equipment owned, at cost less used portion $41,500$

Accounts payable owed to suppliers $47,140$

Salary payable $($on December $31,$ this was owed to an employee who will be paid on January $10)3,800$

Total sales revenue $126,000$

Expenses, including the cost of the merchandise sold $($excluding income taxes$)85,200$

Income tax expense at $30\%\backslash$times pretax income; all paid during the current year $?$

Common stock $($December $31)81,700$

Dividends declared and paid during the current year $11,500$

$($Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.$)$