Problem 8-29 Completing a Master Budget [LO8-2, LO8-4, LO8-7, L08-8, LO8-9, LO8-10] Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 55,000 212,000 60,000 365,000 $ 89,625 500,000 102,375 $692,000 692,000 b Actual sales for December and budgeted sales for the next four months are as follows December(actual) January February March April $265,000 $400,000 $597,000 $312,000 $208,000