Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma batance sheet for Decomber 31, 2020. The firm expects 2020 sales to fotal $3,000,000. The following irformation has been gathered. (1) A minimum cash balance of $50,000 is desired. (2) Marketable secuntes are expected to remain unchanged. (3) Accounts receivable represent 9.7% of sales. (4) Inventcries ropresent 11.9% of sales. (5) Anew machine costing $90,500 will be acquired during 2020 . Total depreciafion for the year will be $31,800 (6) Accounts payable represent 14.1% of sales. (7) Accruals, other current fablifes, long-term debt, and common elock are expected to remain unchanged. (8) The firm's not profit margin is 3.7\%, and it expects to pay out 569.800 in cash dividends during 2020. (9) The Decembec 31, 2019, balance sheet follows (1) A minimum cash balance of $50,000 is desired. (2) Marketable socurities are expected to remain unchanged. (3) Accounts receivable represent 9.7% of sales. (4) Inventories represent 11.9% of sales. (5) A now machine costing $90,500 will be acquired during 2020 . Tolal doprociation for the year will be $31,800, (6) Accounts payable represent 14.1% of sales. (7) Accruals, other current liabilies, long-term debt, and common stock are expectod to remain unchangod. (8) The firm's net profit margin is 3.7%, and it expects to pay out $69.800 in cash dividends during 2020 (9) The December 31, 2019, balance sheet folows a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Loonard Industries. b. How much, if any, additional financing will Leonard Industries require in 2020 ? Discuss. c. Could Leonard Industries adjust its planned 2020 dividend to avoid the situafion described in part b? Explain how. Data table (Click on the icon here 0 in order to copy the contents of the data table below into a spreadsheet) a. Use the judgmental approach to prepare a pro forma balance 5heet dated December 31, 2020, for Leonard Industries. Complete the assets part of the pro forma balance sheet for Leonard Industries for December 31,2020 below: (Round to the nearest dolar) Complete the assets part of the pro forma balance sheot for Leonard Industries for Docenber 31, 2020 bolow: (Round to the nearest dollar.)