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 Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Sales Revenue Operating Expenses Other Expenses Contributed Capital Dividends $ 16,550 11,250 7,900 156,000 74,116 1,960 154,000 92,400 10,950 66,300 1,326 Required: 1. Prepare an income statement for the year ended December 31, 2017 HIGH POWER CORPORATION Income Statement For the Year Ended December 31, 2017 Expenses Total expenses 2. Prepare a statement of retained earnings for the year ended December 31, 2017. HIGH POWER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Retained earnings, December 31, 2017 3. Prepare a balance sheet at December 31, 2017. HIGH POWER CORPORATION Balance Sheet At December 31, 2017 Assets Total assets Liabilities Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity