Exercise 5-30 Bill Thomas, Waterway & Hill's 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 company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $ 52,800 51,480 43,120 6,653 264,000 (66,000 ) $352,053 $ 15,840 66,229 88,000 181,984 Selected Estimates Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Acounts payable Notes payable Quarter $1,240,800 234,432 2,974 27,082 882,966 120,120 4,893 51,933 29,216 36,080 Additional Information: Bates & Hill plans to declare and pay dividends totaling $43,120 in January. Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $63,360 Bates & Hill plans to purchase equipment in March at a cost of $52,800. Depreciation for manufacturing overhead $26,400 per month and for selling and administrative $8,800 per month. The company expects a 26% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Waterway & Hill's pro-forma income statement for the first quarter. (Round answers to o decimal places, e.g. 5,275.) Waterway & Hill Income Statement First Quarter LINK TO TEXT Prepare Waterway & Hill's pro-forma balance sheet as of March 31. Waterway & Hill Balance Sheet March 31 Prepare Waterway & Hill's pro-forma balance sheet as of March 31. Waterway & Hill Balance Sheet March 31 Click if you would like to Show Work for this question: Open Show Work