Bill Thomas, Concord & Hill'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 of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $43,800 42,705 35.770 5,519 219,000 (54.750) $292,044 $ 13,140 54,940 73,000 150,964 $292,044 Selected Estimates Quarter Budgeted revenue $1,029,300 Selling and administrative expense 194.472 Interest expense 2,467 Cash 22,466 Cost of Goods Sold 732,460 Accounts receivable (net) 99,645 Direct materials 4,059 Finished goods 43,081 Acounts payable 24.236 Notes payable 29,930 Additional Information: Bates & Hill plans to declare and pay dividends totaling $35,770 in January Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $52,560. Bates & Hill plans to purchase equipment in March at a cost of $43,800. Depreciation for manufacturing overhead $21,900 per month and for selling and administrative $7,300 per month. The company expects a 22% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Concord & Hill's pro-forma income statement for the first quarter. (Round answers to O decimal places, eg. 5,275.) Concord & Hill Income Statement First Quarter $ e Textbook and Media Prepare Concord & Hill's pro-forma balance sheet as of March 31. Concord & Hill Balance Sheet March 31 $ $