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 Dividendo Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $34,100 12,550 15,300 61,090 2,150 99,000 2,460 60,400 8,050 106.800 7.000 2. Prepare a statement of retained earnings for the year ended December 31 HIGH POWER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add: Net Income Less: Dividends Retained Earnings, December 31 $ 0