Cowen, Inc. has the following balance sheet at December $31,2024$:

$($Click the icon to view the balance sheet.$)$

Cowen projects the following transactions for $2025$:

$($Click the icon to view the transactions.$)$

Prepare a budgeted balance sheet for Cowen, Inc. for December $31,2025.($Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.$)$ field empty; do not enter a zero. Abbreviations used.$)$

$\backslash$table$[[,$Cash,$+,\frac{A}{R},+,$RM Inv.,$+,$FG Inv.,$+,$Equip.,$+,(\frac{A}{D}),=,\frac{A}{P},+,cs,+,$RE$],[$Dec$.31,2024,,+,,+,,+,,+,,+,,=,,+,,+,],[$Sales on acct.,,$+,,+,,+,,+,,+,,=,,+,,+,],[$Cash recpts.,,$+,,+,,+,,+,,+,,=,,+,,+,],[$Purch$.$ RM$,,+,,+,,+,,+,,+,,=,,+,,+,],[$Pmts on acct.,,$+,,+,,+,,+,,]+,,=,,+,,+,],[$RM used,,$+,,+,,+,,+,,]+,,=,,+,,+,],[$Direct labor,,$1+,,+,,+,,+,,]+,,=,,+,,+,],[$Mfg$.OH,,+,,+,,+,,+,,+,,=,,+,,+1,],[$Depr$.,,+,,+,,+,,+,,]+,,=,,+,,+,],[$COGS$,,+,,+,,+,,+,,+,,=,,+,,+,],[S$ and $A,,+,,+,,+,,+,,+,,=,,+,,+,],[$Jurch eau,,,,$+,,+,,+,,+,,=,,+,,+,],[$urcn$.$ equip.,,,,T$,,.,,+,\frac{?}{\text{b}\text{a}\text{r}}(\frac{?}{\text{b}\text{a}\text{r}}()),+,,=,,+,,+,]]$