Charles Wilson, Sunland & Joseph'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: $ 32,100 22,500 98.200 Cash Finished Goods Inventory Accounts Receivable (net) Raw Materials Inventory Property. Plant & Equipment Accumulated Depreciation 49,280 300,000 (75,000) Total Assets $427,080 Accounts Payable $ 17,000 26,400 100,000 Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity 283,680 $427,080 Quarter $1,783,300 Selected Estimates Budgeted revenue Selling and administrative expense Interest expense 427,700 370 Cash 50.380 1,390.630 174.720 29,160 Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable 104.720 218.700 5.000 Additional Information: Sunland & Joseph plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Sunland &Joseph 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 Sunland & Joseph'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).) Sunland& Hill Income Statement First Quarter $ V