rre rowuwur wwur me awer w wie Yesurs payeu weww. 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 $ 33, 480 Accounts Receivable 11,500 Cash 14,680 Common Stock 60,390 Dividends 2,888 Equipment 92, een Notes Payable 1,970 Operating Expenses 59,700 Other Expenses 7,989 Sales Revenue 98,400 Supplies 6,300 Required: 1. Prepare an income statement for the year ended December 31 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement For the Year Ended December 31 Revenues Total Revenues 0 0 Total Expenses Net Income HIGH POWER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 $ $ 0 Add: Net Income Less: Dividends Retained Earnings, December 31 HIGH POWER CORPORATION Balance Sheet At December 31 Total Assets $ 0 0 Total Current Liabilities 0