=+Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $90,000 on 2011 taxable income will be paid during 2011. Regular quarterly cash dividends of $1.00 a share are expected to be declared and paid in March, June, September, and December on 19,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $75,000 cash in May.

Instructions