**Round to the nearest dollar**

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 Data table (1) A minimum cash balance of $49,600 is desired. (2) Marketable securities are expected to remain unchanged. (3) Accounts receivable represent 10.1% of sales. (4) Inventories represent 12.1% of sales. (5) A new machine costing $89,500 will be acquired during 2020. Total depreciation for the year will be $31,700. (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 $70,100 in cash dividends during 2020. (9) The December 31, 2019, balance sheet follows (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard 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 situation described in part b? Explain how. Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Leonard Industries Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity $45,500 Accounts payable 15,400 Accruals 255,300 Other current liabilities 340,300 Total current liabilities $656,500 Long-term debt 599,800 Common stock Retained earnings $1,256,300 Total liabilities and stockholders' equity $394,700 60,400 30,300 $485,400 351,200 200,000 219,700 $1,256,300 a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries. Total assets Complete the assets part of the pro forma balance sheet for Leonard Industries for December 31, 2020 below: (Round to the ne Pro Forma Balance Sheet Leonard Industries Print Done December 31, 2020 Assets Current assets Cash $ Marketable securities