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balance sheet is as follows: nufactures porcelain figurines of professional athletes. The company's March 2017 Cash Accounts Receivable Materials Inventory Work in Process Inventory Finished Goods Inventory Prepaid Expenses Plant Assets Accumulated Depreciation, Plant Assets Total Assets American Heroes, INC. Condensed Balance Sheet March 31, 2017 $37.590 Accounts Payable 16.000 Mortgage Payable 12.500 Common Stock 25.500 Retained Earnings 10.000 1,800 48.000 $ 16.800 40.000 20.000 61.790 (12.800 $138.590 Total Liabilities and Stockholders' Equity $138.590 Budgets for the second quarter of 2017 provided the following information: Materials purchases $137,000 Ending Cash Balances: Material usage 140.100 April Labor cost 88,600 May Factory overhead costs 99,500 June Selling expenses 53,800 Cost of goods manufactured Administrative expenses 67.800 Cost of goods sold Projected Sales: April 163.000 May 146,600 June 155.300 $ 45,800 35.400 37.950 327.400 265,360 The accounts receivable balance will increase by 40 percent during the quarter, and accounts payable will decrease by 10 percent. Mortgage payments this quarter will be $3,000 of which $1,040 is interest expense. Prepaid expenses will increase by $600 during the quarter. No plant asset acquisitions are planned for the quarter. Depreciation expense is 8 percent of the total plant asset cost for the quarter and is included in factory overhead. Dividends of $10,000 will be paid in May. The corporate federal income tax rate is 34 percent and payable in July. a. Prepare a forecasted income statement for the quarter ending June 30, 2017. b. Prepare a forecasted balance sheet as of June 30, 2017