Exercise 5-30 Bill Thomas, Crane & Hill'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 of December 31 is as follows: 33,000 Cash Accounts Receivable (net) 32,175 Finished Goods Inventory 26,950 Raw Materials Inventory 4,158 Property, Plant & Equipment 165,000 Accumulated Depreciation (41,250 $220,033 Total Assets Accounts Payable Income Tax Payable 9,900 41,393 Common Stock 55,000 Retained Earnings 113,740 $220,033 Total Liabilities & Owners Equity Selected Estimates Quarter Budgeted revenue $775,500 Selling and administrative expense 146,520 Interest expense 1,859 16,926 Cash Cost of Goods Sold 551,854 Accounts receivable (net) 75,075 Direct materials 3,058 Finished goods 32,458 Acounts payable 18,260 Notes payable 22,550 Additional Information: Bates & Hill plans to declare and pay dividends totaling $26,950 in January. Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $39,600 Bates & Hill plans to purchase equipment in March at a cost of $33,000. Depreciation for manufacturing overhead $16,500 per month and for selling and administrative $5,500 per month. The company expects a 17% income tax rate, and all quarterly taxes are paid in the first month of the following quarter Prepare Crane & Hill's pro-forma income statement for the first quarter. (Round answers to 0 decimal places, e.g. 5,275.) Crane & Hill Income Statement First Quarter $ Prepare Crane & Hill's pro-forma balance sheet as of March 31 Crane & Hill Balance Sheet March 31 Click if you would like to Show Work for this question: Open Show Work