Required: 1. Prepare a summarized income statement for the current year. Required information Required information CON1-1 (Algo) Financlal Statements for a New Business Plan LO1-1 [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 liability. She expects to invest $32,000 of her own savings and receive 2,500 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, $7,100; amounts due from customers for services rendered, \$3,500; pool supplies inventory, \$5,800; equipment, \$29,200; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $4,700; note payable to the bank, $6,200. Penny forecasts first-year sales of $67,200, wages of $25,200, cost of supplies used $9,400, other administrative expenses of $5,700, and income tax expense of $5,200. She expects to pay herself a $19,000 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