Given the following information and that contained in Problems 5 and 6, construct a fore- cast balance sheet as of June 30, 20X2, for the Central City Department Store. (Assume that accounts payable stay the same as at December 31, 20X1.) Central City Department Store balance sheet at December 31, 20X1 ASSETS LIABILITIES AND EQUITY Cash $100,000 Accounts payable $130,000 Accounts receivable 427,500 Bonds 500,000 Inventory 200,000 Common stock and Fixed assets, net 250,000 retained earnings 347,500 $977,500 $977,500 Sales are 75 percent for credit and 25 percent for cash. With respect to credit sales, 60 percent are collected in the month after the sale, 30 per- cent in the second month, and 10 percent in the third. Bad-debt losses are insignificant. Sales, actual and estimated, are: October 20X1 $300,000 March 20X2 $200,000 November 20X1 350,000 April 20X2 300,000 December 20X1 400,000 May 20X2 250,000 January 20X2 150,000 June 20X2 200,000 200,000 July 20X2 300,000 February 20X2 Payments for purchases of merchandise are 80 percent of the following month's anticipated sales. Wages and salaries are: January $30,000 March $50,000 May $40,000 February 10,000 April 50,000 June 35,000 g. Rent is $2,000 a month. . Interest of $7,500 is due on the last day of each calendar quarter, and no quarterly cash dividends are planned. 1. A tax prepayment of $50,000 for 20X2 income is due in April. A capital investment of $30,000 is planned in June, to be paid for then. k. The company has a cash balance of $100,000 at December 31, 20X1, which is the min- imum desired level for cash. Funds can be borrowed in multiples of $5,00 (Ignore interest on such borrowings.)