5.30 (LO 5) Preparing pro-forma financial statements Bill Thomas, Bates \& Hill's controller, has received all the budgets prepared by the various operating units (see Exercises 5.8,9,11,15,17,19,20,23,25, and 29 ) 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: The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Required a. Prepare Bates \& Hill's pro-forma income statement for the first quarter. b. Prepare Bates \& Hill's pro-forma balance sheet as of March 31 . 5.30 (LO 5) Preparing pro-forma financial statements Bill Thomas, Bates \& Hill's controller, has received all the budgets prepared by the various operating units (see Exercises 5.8,9,11,15,17,19,20,23,25, and 29 ) 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: The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Required a. Prepare Bates \& Hill's pro-forma income statement for the first quarter. b. Prepare Bates \& Hill's pro-forma balance sheet as of March 31