Required information [The following information applies to the questions displayed below.] Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) $14,850 11,400 Inventory of merchandise (based on physical count and priced at cost) 29,500 Equipment owned, at cost less used portion 68,500 Accounts payable owed to suppliers Total sales revenue 32,500 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 1,750 105,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 71,000 Income tax expense at 25% x pretax income; all paid during December of the current year 64,500 Common stoak at the end of the current year No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations. Required: 1. Prepare a summarized income statement for the year. INFLUENCE CORPORATION Incoma Statement