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 $ 34,100 12,550 15,300 61,090 Dividends 2,150 Equipment 99,000 Notes Payable 2,460 Operating Expenses 60,400 Other Expenses 8,050 Sales Revenue 106,800 Supplies 7,000 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement At December 31 Expenses Cash Accounts Receivable Total Expenses Revenues