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 $ 33,500 11,650 14,700 60,490 2,090 93,000 2,040 59,800 7,990 99,600 6,400 2. Prepare a statement of retained earnings for the year ended December 31. HIGH POWER CORPORATION Statement of Retained Earnings Retained Earnings, January 11 Add: Net Income Less: Dividends Retained Earnings, December 31