[The following information applies to the questions displayed below] Penny Cassidy is considering forming her own pool service and supply company. Penny's Pool Service \& Supply, Incorporated. She has decided to incorporate the business to limit her legal liabilty. She expects to invest $25,000 of her own savings and recelve 2,000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31 , the end of the current year: cash in bank, $3,400; amounts due from customers for services rendered, $2,800; pool supplies inventory, $5,100; equipment, $28,500, amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $4,000; note payable to the bank, $5,500. Penny forecasts first-year sales of $63,000, wages of $24,500, cost of supplles used $8,700, other administrative expenses of $5,000, and income tax expense of $4,500. She expects to pay herself a $15.000 dividend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service \& Supply, incorporated? Required: 1. Prepare a summarized income statement for the current year. Required: 1. Prepare a summarized income statement for the current year