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David Davis, Bonita & Richard'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 as of December 31 is as follows: Cash $ 47,170 88,410 44,420 270,000 (67,500) $382,500 Accounts Receivable (net) Inventory Property, Plant, & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners' Equity $ 106,000 99,000 45,000 132,500 $382,500 Quarter $1,606,500 385,810 140 Selected Estimates Sales revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Finished goods Acounts payable 51,140 1,178,100 157,300 94,300 336,900 Additional Information: Bonita & Richard plans to declare and pay dividends totaling $44,410 in January. Bonita& Richard plans to make a cash purchase of equipment in March at a cost of 45,000. Depreciation for manufacturing overhead $37,800 per month and for selling and administrative $30,000 per month. The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Bonita & Richard'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).) Bonita & Hill Income Statement First Quarter $ $ e Textbook and Media Prepare Bonita & Richard's pro-forma balance sheet as of March 31. Bonita & Richard Balance Sheet March 31 4 $ $ $ $