Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) $ 25,800 11,400 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 78,000 42,100 Accounts payable owed to suppliers 47,740 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 2,200 130,000 Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% x pretax income; all paid during the current year 85,200 ? Common stock (December 31) 87,400 Dividends declared and paid during the current year 11,400 (Note: 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. HIGHLIGHT CONSTRUCTION COMPANY Income Statement