You are the president of High Power Corporation. At the end of the first year of operations (December 31, 2017), the following financial data for the company are available:

Cash	$	18,250
Accounts Receivable		14,000
Supplies		8,400
Equipment		132,000
Accounts Payable		76,500
Notes Payable		1,860
Sales Revenue		132,000
Operating Expenses		79,200
Other Expenses		12,900
Contributed Capital		55,500
Dividends		1,110

Required: 1. Prepare an income statement for the year ended December 31, 2017.

2. Prepare a statement of retained earnings for the year ended December 31, 2017.

3. Prepare a balance sheet at December 31, 2017.