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 34%. Operating expenses (including depreciation of $30,000) total 23% of revenue and taxes are estimated at 35% of pretax 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 45 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 35. Assuming Bennis will be allequity financed, the required initial investment by the entrepreneur to ensure that no additional financing will be required during the next year is ____.