Steven Garcia, Sheridan & Edward'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 $ 32.800 Finished Goods Inventory 22,500 Accounts Receivable (net) 98,100 Raw Materials Inventory 49,280 Property, Plant & Equipment Accumulated Depreciation 300,000 (75,000) Total Assets $427.680 Accounts Payable $ 17,000 Income Tax Payable 26,400 Common Stock 100,000 Retained Earnings 284.280 Total Liabilities & Owners Equity $427,680 Selected Estimates Quarter Budgeted revenue $1,782,700 Selling and administrative expense 428,700 Interest expense 370 Cash 50,380 Cost of Goods Sold 1,387,630 Accounts receivable (net) 174,720 Direct materials 29,160 Finished goods 104,720 Accounts payable 218,700 Notes payable 3,000 Additional Information: Sheridan & Edward plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Sheridan & Edward plans to purchase equipment in March at a cost of $30,000. Depreciation for manufacturing overhead $42.000 per quarter and for selling and administrative $30,000 per month. The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Sheridan & Edward's pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan& Hill Income Statement First Quarter