Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE SPORTS COMPANY Balance Sheet Assets December 31 Cash Inventory Equipment Total assets Accounts receivable Less: Accumulated depreciation Liabilities and Equity $ 20,500 520,000 110,000 $624,000 78,000 546,000 $ 1,196,500 I Liabilities Accounts payable $360,000 Loan payable 13,000 Taxes payable (due March 15) 90,000 463,000 Equity Common stock Retained earnings Total liabilities and equity To prepare a master budget for January, February, and March, use the following information $ 471,000 262,500 733,500 $ 1,196,500 1