Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $291,000 for November, $311,000 for December, and $211,000 for January. Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 75% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 80% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,200. Monthly depreciation is $21,500. Ignore taxes. Balance Sheet October 31 Assets Cash $ 25,500 Accounts receivable 77,500 Merchandise inventory 174,600 Property, plant and equipment, net of $624,000 accumulated depreciation 1,027,000 Total assets $ 1,304,600 Liabilities and Stockholders' Equity Accounts payable $ 240,000 Common stock 741,000 Retained earnings 323,600 Total liabilities and stockholders' equity $ 1,304,600 Accounts payable at the end of December would be: