show all calculation$-$Table Summary: A table has a title across the top reading, Deacon Company, Balance Sheet, March $31,$ and is divided into $2$ sections with sub$-$titles. Both tables have $2$ columns with no headers. Leader dots connect the columns in both tables. DEACON COMPANY Balance Sheet March $31$ Assets Cash $ $55,000$ Accounts receivable $36,000$ Inventory $40,000$ Plant and equipment, net of depreciation $100,000$ Total assets $$231,000$ Liabilities and Shareholders$$ Equity Accounts payable $ $51,300$ Common shares $70,000$ Retained earnings $109,700$ Total liabilities and shareholders$$ equity $$231,000$ Budgeted Income Statements April May June Sales $$100,000$ $$110,000$ $$130,000$ Cost of goods sold $60,00066,00078,000$ Gross margin $40,00044,00052,000$ Selling and administrative expenses $15,00016,50019,500$ Operating income $ $25,000$ $ $27,500$ $ $32,500$ Budgeting assumptions: Sixty percent of sales are cash sales and $40\%$ of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining $80\%$ are collected in the month subsequent to the sale. Budgeted sales for July are $$140,000.10\%$ of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining $90\%$ of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. Each month$$s ending merchandise inventory should equal $$10,000$ plus $50\%$ of the next month$$s cost of goods sold. Depreciation expense is $$1,000$ per month. Calculate the expected cash collections for April, May, and June. Calculate the budgeted merchandise purchases for April, May, and June. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. Prepare a budgeted balance sheet at June $30.($Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June $30$