2 25 Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DINSDALE SPORTS COMPANY Estinated Balance Sheet December 31, 2019 Cash Assets Accounts receivable Inventory Book Total current assets 14 Print Total assets Equipment Less Accumulated depreciation Equipment, net Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 3/15/2020) Total liabilities $ 37,000 520,000 157,500 $ 714,500 564,000 70,500 493,500 $1,200,000 $300,000 12,000 Common stock Retained earnings Total stockholders' equity Total liabilities and equity 92,000 5484,000 473,500 250,500 724,000 $1,208,000 To prepare a master budget for January, February, and March of 2020, management gathers the following information.