Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:

• Sales are budgeted at $300,000 for November, $320,000 for December, and $220,000 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 $22,100.
• Monthly depreciation is $26,000.
• Ignore taxes.

Balance Sheet
October 31
Assets
Cash	$ 30,000
Accounts receivable	82,000
Merchandise inventory	180,000
Property, plant and equipment, net of $624,000 accumulated depreciation	1,014,000
Total assets	$ 1,306,000
Liabilities and Stockholders' Equity
Accounts payable	$ 246,000
Common stock	750,000
Retained earnings	310,000
Total liabilities and stockholders' equity	$ 1,306,000

Accounts payable at the end of December would be: