Example Inc. has just closed the books for the year ending December 31, 2020. Based on the information provided, answer the questions that follow. December 31, 2020 Balance Sheet ASSETS Cash LIABILITIES AND EQUITY $75,000 Accounts Payable $200,000 Accounts Receivable, net 1,185,000 Salary Payable 250,000 Inventories *** Interest Payable 7,500 Finished Goods 346,500 Bank Line 20,000 Raw Materials 75,000 421,500 Current Assets 1,681,500 Current Liabilities 477,500 Term Debt 900,000 Fixed Assets, net of accumulated depreciation 988,017 Total Liabilities 1,377,500 Common Stock 161,250 Retained Earnings 1,130,767 1,292,017 Total Assets $2,669,517 Total Equity $2,669,517 Total Liabilities & Equity *** Inventory Finished Goods represents 23,100 units of finished goods at a cost of $15 per unit, Raw materials for 30,000 units at $2.50 per units, Work-in process inventory is zero at December 31. The company is now in the process of finishing its projections for the year ended December 2021. Historical sales for the last quarter as well as sales projections for the next thirteen months are shown below: Month Units Sold and Sales Price October 2020 (Actual) (60,000 units at $25.00 each) November 2020 (Actual) (60,000 units at $25.00 each) December 2020 (Actual) (60,000 units at $25.00 each) January 2021 (66,000 units at $28.00 each) February March April May June July August (69,000 units at $28.00 each) (73,000 units at $28.00 each) (77,000 units at $28.00 each) (79,000 units at $28.00 each) (80,000 units at $28.00 each) (85,000 units at $28.00 each) (89,000 units at $28.00 each) September October November (92,000 units at $28.00 each) (100,000 units at $28.00 each) (100,000 units at $30.00 each) December (100,000 units at $30.00 each) Expected Monthly sales after December 2021 (110,000 units at $30.00 each)