Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31 DIMSDALE SPORTS COMPANY Balance Sheet Assets Cash Accounts receivable Inventory Equipment December 31 Less: Accumulated depreciation Equipment, net Total assets Liabilities Liabilities and Equity $ 21,000 520,000 165,000 $ 540,000 67,500 472,500 $ 1,178,500 Accounts payable Loan payable Taxes payable (due March 15) Equity Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 345,000 12,000 89,000 $ 472,500 260,000 $ 446,000 732,500 $ 1,178,500 To prepare a master budget for January, February, and March, use the following information.