Edman Company is a merchandiser that has provided the following balance sheet and income statement for this year Beginning Balance Ending Balance Assets Cash $ 62,800 $ 150,000 Accounts receivable 160,000 180,000 Inventory 230,000 240,000 Property, plant & equipment (net) 833,000 793,000 Other assets 37,000 37,000 $1,322,800 $1,400,000 Total assets Liabilities & Stockholders' Equity Accounts payable $ 70,000 $ 80,000 Bonds payable 550,000 550,000 Common stock 410,000 410,000 Retained earnings 292,800 360,000 Total liabilities & stockholders' $1,322,800 equity $1,400,000 Sales This Year $2,500,000 Variable expenses: Cost of goods sold 1,600,000 Variable selling expense 240,000 Total variable expenses 1,840,000 Contribution margin 660,000 Fixed expenses: Fixed selling expenses 220,000 Fixed administrative expenses 300,000 Total fixed expenses 520,000 Net operating income 140,000 Interest expense (8%) 44,000 Net income before tax 96,000 Tax expense (30%) 28,800 Net income $ 67,200 Click here to download the Excel template, which you will use to answer the questions that follow Click here for a a brief tutorial on Charts in Excel 3. To evaluate alternative 1, refer to the "Requirement 3 Financials" tab within your template: Assume the company streamlines it working capital management practices with the following estimated-impacts Next year's ending balance in accounts receivable decreases by $80,000 compared to its beginning balance. Next year's ending balance in inventory decreases by $120,000 compared to its beginning balance. Next year's ending balance in property, plant, and equipment (net) decreases by $40,000 compared to its beginning balance to reflect next year's depreciation expense. Next year's ending balance in accounts payable decreases by $40,000 compared to its beginning balance. Next year's ending balance in bonds payable decreases by $300,000 compared to its beginning balance to reflect a retirement of bonds payable. Next year's ending balances in other assets and common stock are the same as their beginning balances Next year's total sales, variables expenses, fixed expenses, and net operating income are the same as this year. a. Based on the above estimated impacts, use Excel formulas to calculate ending balances as needed in column C What is the ending balance in the following accounts? b. Create formulas within column D that calculate next year's average balances for all balance sheet accounts (except Cash which will automatically be computed for you. What is the average balance in the following accounts? c. What is the company's estimated average total liabilities and stockholders' equity for next year?