ACCT 307: PROJECT-Part 3- Master Budgets In early July, you were transferred to the Treasury Department. Your assignment wasto conducta detailed study and prepare the master budget forthe finalquarter of the year Thisbudget should include columnar data for October, November and December, along withaquarterlyrecaptotaLThefollowing pertinent facts have been provided to assist you in the budget preparation process Zoe's balance sheet at October 1 is anticipated to reveal Budgeted Balance Sheet October 1, 20XX a Assets 5 Current assets Cash $17.000.000 Accounts receivable 13.000.000 4000.000 8 Raw materials inventory $34.000.000 9 Total current assets 10 Property, plant &equipment Land 4000000 Building 48000.000 12 13 Less: Accumulated depreciation 12000 000) 36000000 14 Equipment Less: Accumulated depreciation 10000000 50,000,000 16 Total assets 17 Liabilities Current labities 20 Interest payable 150.000 21 Bank loan payable 22 Total abilities S24 750.000 23 Stockholders equity 24 Capital stock S6000000 25 Retained earnings 26 Total liabilities and equity Note Thebank loan carries a9 interest rate the lastinterestpayment was made onAugust 31. The S20000000 principal matures November 30 of the cument year. Zoe Manufacturing'sactivityisextremely difficult to predict because each job is very unique and produced to customer specifications, However, October's activity is largely known because planned production is based on short-term contracts and purchase orders already in hand.Octoberis scheduled for total sales relating