Given the following information and that contained in Problems 5 and 6, construct a forecast balance sheet as of June 30,20X2, for the Central City Department Store. (Assume that accounts payable stay the same as at December 31, 20X1.)
Central City Department Store balance sheet at December 31,20X1

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ASSETS LIABILITIES AND EQUITY Cash Accounts receivable 427,500Bonds Inventory Fixed assets, net 100,000 Accounts payable $130,000 500,000 200,000 Common stock and retained earnings 347500