Edward Lewis, Bonita & Brian's controller, has received all the budgets prepared by the various operating units and is ready to compile

the pro$-$forma financial statements for the first quarter. The company's balance sheet as of December $31$ is as follows:

Additional Information:

Bonita & Brian plans to purchase and pay cash for a piece of land in February at a cost of $$90,000.$

Bonita & Brian plans to purchase equipment in March at a cost of $$30,000.$

Depreciation for manufacturing overhead $$42,000$ per quarter and for selling and administrative $$30,000$ per month.

The company expects a $30\%$ income tax rate, and all quarterly taxes are paid in the first month of the following quarter.

$($a$)$

Your answer is partially correct.

Prepare Bonita & Brian's pro$-$forma income statement for the first quarter. $($Enter negative amounts using either a negative sign

preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$