Bill Thomas, Sunland & Hills controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The companys balance sheet of December 31 is as follows:

Cash		$ 33,600
Accounts Receivable (net)		32,760
Finished Goods Inventory		27,440
Raw Materials Inventory		4,234
Property, Plant & Equipment		168,000
Accumulated Depreciation		(42,000	)
Total Assets		$224,034
Accounts Payable		$ 10,080
Income Tax Payable		42,146
Common Stock		56,000
Retained Earnings		115,808
Total Liabilities & Owners Equity		$224,034

Selected Estimates		Quarter
Budgeted revenue		$789,600
Selling and administrative expense		149,184
Interest expense		1,893
Cash		17,234
Cost of Goods Sold		561,887
Accounts receivable (net)		76,440
Direct materials		3,114
Finished goods		33,048
Acounts payable		18,592
Notes payable		22,960

Additional Information:

		Bates & Hill plans to declare and pay dividends totaling $27,440 in January.
		Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $40,320.
		Bates & Hill plans to purchase equipment in March at a cost of $33,600.
		Depreciation for manufacturing overhead $16,800 per month and for selling and administrative $5,600 per month.

The company expects a 17% income tax rate, and all quarterly taxes are paid in the first month of the following quarter.

Prepare Sunland & Hill's pro-forma income statement for the first quarter. (Round answers to 0 decimal places, e.g. 5,275.) Sunland & Hill Income Statement First Quarter Prepare Sunland & Hill's pro-forma balance sheet as of March 31 Sunland & Hill Balance Sheet March 31 Open Show Work Click if you would like to Show Work for this