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 tall considered collectible) $ 26,100 11,100 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 70,000 42,200 Accounts payable owed to suppliers 47,940 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 2,900 117,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 85,200 Income tax expense at 30% pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid daring the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) 7 88,000 11,700