Matthew Young, Sheffield & Gary'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 $ 33,000 22,500 98,600 49,280 300,000 (75,000) $428,380 $ 15,000 26,400 100,000 286,980 $428,380 Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity Selected Estimates Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable Quarter $1,778,000 425,700 370 50,380 1,388,630 174,720 29,160 104,720 218,700 3,000 Additional Information: . Sheffield & Gary plans to declare and pay dividends totaling $46,000 in January. Sheffield & Gary plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Sheffield & Gary plans to purchase equipment in March at a cost of $30,000. Depreciation for manufacturing overhead $42,000 per quarter and for selling and administrative $30,000 per month. O . The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Sheffield & Gary's pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheffield& Hill Income Statement First Quarter $ $