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: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $33,300 11,350 14,500 60,290 2,070 91,000 1,900 59,600 7,970 97,200 6,200 Required: 1. Prepare an income statement for the year ended December 31