Thomas Taylor, Vaughn & Chris's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet as of December 31 is as follows: Cash $32,000 Finished Goods Inventory 22,500 Accounts Receivable (net) 98,300 Raw Materials Inventory 49,280 Property, Plant & Equipment 300,000 Accumulated Depreciation (75,000) Total Assets $427,080 Accounts Payable $16,000 Income Tax Payable 26,400 Common Stock 100,000 Retained Earnings 284,680 Total Liabilities & Owners Equity $427,080