Given below are selected balance sheet items and ratios as of June 30, 2019 for the More Debits than Credits School of Accounting which issues erasers instead of diplomas to its graduates.

Total stockholders equity (includes 100,00 shares of

no par common stock issued at $6 per share) $1,000,000

Plant and equipment (net) 470,000

Asset Turnover rate per year (sales/total assets) 3 times

Inventory turnover rate per year 6 times

Gross profit percentage 30%

Ratio of current liabilities to stockholders equity

(there is no long term debt) 1.2 to 1

Acid-Test ratio (quick ratio) 0.8 to 1

Assume that balance sheet figures represent average amounts and that all sales are made on account.

Instructions: From the foregoing information, construct a balance sheet for the corporation as of June 30, 2019 in as much detail as the data permits.