[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 $ 33,100 11,050 14,300 60,090 2,050 89,000 1,760 59,400 7,950 94,800 6,000 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 $ 0 Add: Net Income Retained Earnings, December 31