! Required information [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: $32,300 9,850 Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies 13,500 59, 290 1,970 81,000 1,200 58,600 7,870 85,200 5,200 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement 0 0