$1.$ Develop the Year $1$ financial forecast $($income statement, balance sheet and statement of cash flows$)$ for Bennis Co$.$ Revenue is projected at $$800,000,$ with a gross margin of $40\%.$ Operating expenses $($including depreciation of $$30,000)$ total $20\%$ of revenue and taxes are estimated at $35\%$ of pre$$tax income. Bennis wants to maintain a cash balance of $3\%$ of their cost of goods sold. Accounts receivable are $10\%$ of sales and inventory is forecast to be $50$ days $($using CGS as a base, and using a $365$ day year$).$ Fixed assets of $$500,000$ will be needed during the next year. Accounts payable days are forecast to be $30.$

The total projected assets for Bennis Co at the end of year $1$ is $\_\_\_\_\_\_\_.$

$2.$ Using the assumptions from Question $1$: Assuming Bennis will be all$$equity financed, the required initial investment by the entrepreneur to ensure that no additional financing will be required during the next year is $\_\_\_\_\_\_\_$