Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balance sheet for December 31, 2020. The firm expects 2020 sales to total $3,000,000. The following information has been gathered. (1) A minimum cash balance of $50,500 is desired. (2) Marketable securities are expected to remain unchanged. (3) Accounts receivable represent 9.8% of sales. (4) Inventories represent 11.8% of sales. (5) A new machine costing $89,600 will be acquired during 2020. Total depreciation for the year will be $31,900, (6) Accounts payable represent 14.3% of sales. (7) Accruals, other current liabilities, long-term debt, and common stock are expected to remain unchanged. (8) The firm's net profit margin is 3.9%, and it expects to pay out $70,400 in cash dividends during 2020. (9) The December 31, 2019, balance sheet follows a. Use the ludamental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries. Complete the assets part of the proforma balance sheet for Leonard Industries for December 31, 2020 below. (Round to the nearest dollar) Pro Forma Balance Sheet Leonard Industries December 31, 2020 Assots Current assots Cash Markotable securities Accounts receivable Inventories I Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Leonard Industries Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $45,200 Accounts payable Marketable securities 15,300 Accruals Accounts receivable 254,700 Other current liabilities Inventories 340,500 Total current liabilities Total current assets $655,700 Long-term debt Net fixed assets 600,300 Common stock Retained earnings Total assets $1,256,000 Total liabilities and stockholders' equity $395,200 60,200 30,400 $485,800 349,900 200,100 220,200 $1,256,000 Print Done TOOTEROTO Inventories December 31, 2020 Assets Current assets Cash $ Marketable securities Accounts receivable Inventories Total current assets $ Net fixed assets Total assets $