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: Receivables from customers considered collectible Inventory of merchandise based on physical count and priced to Equipment owned, at costless used portion Accounts payable owed to suppliers Stary payable on December 31, tres was owed to an employee who will be paid on January 10 sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes Income taxes expense 30%pretax income, all paid during the current year Common stock (December 31 Dividends declared and paid during the current year $ 24,600 10800 75.000 42.400 47,640 3,300 112,000 8200 ? 92.600 10,900 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 20. 2. Prepare a statement of stockholders' equity for the year. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity Common Stock Retained Earnings Balance January 1, Current year Balance December 31, Current year 3. Prepare a balance sheet at December 31. HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet Assets Cash Receivables from customers Inventory of merchandise Equipment 24,600 10,800 75,000 42,400 $ 152,800 Total assets Liabilities Accounts payable Salary payable $ 47,640 3,300 S Total liabilities Stockholders' Equity Common stock Retained earnings 50,940 $ 92,600 Total stockholders' equity Total Viabilities and stockholders' equity $ 92,600 143,540