Exercise 5-30 (Part Level Submission) Bill Thomas, Bates & Hills 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 companys balance sheet of December 31 is as follows: Cash $ 50,400 Accounts Receivable (net) 49,140 Finished Goods Inventory 41,160 Raw Materials Inventory 6,350 Property, Plant & Equipment 252,000 Accumulated Depreciation (63,000 ) Total Assets $336,050 Accounts Payable $ 15,120 Income Tax Payable 63,218 Common Stock 84,000 Retained Earnings 173,712 Total Liabilities & Owners Equity $336,050 Quarter Budgeted revenue $1,184,400 Selling and administrative expense 223,776 Interest expense 2,839 Cash 25,851 Cost of Goods Sold 842,831 Accounts receivable 114,660 Direct materials 4,670 Finished goods 49,573 Acounts payable 27,888 Notes payable 34,440 Additional Information: Bates & Hill plans to declare and pay dividends totaling $41,160 in January. Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $60,480. Bates & Hill plans to purchase equipment in March at a cost of $50,400. Depreciation for manufacturing overhead $25,200 per month and for selling and administrative $8,400 per month. The company expects a 25% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Bates & Hills pro-forma balance sheet as of March 31