Dilly Farm Supply is located in a small town in the rural west, Data regarding the store's operations follow. Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales, . The company desires to have an ending merchandise inventory at the end of each month equal to 70% 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 $21100 Monthly depreciation is $21,000 . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabitities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 25,888 77.000 162,400 1,026,000 $1,290,400 $ 239,000 740,000 311,400 $1,290,400 Retained earnings at the end of December would be