Problem 8-29 Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, L08-9, 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 payabl Common stock Retained earnings $ 41,000 200,800 57,900 351,000 $ 85,425 500,000 65,275 ble $650,700 650,700 b. Actual sales for December and budgeted sales for the next four months are as follows: December(actual) January February March $251,000 $386,000 $583,000 $297,000 $194,000 ril