Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 54,000 211,200 59,850 364,000 $ 89,325 500,000 99,725 $ 689,050 $ 689,050 b. Actual sales for December and budgeted sales for the next four months are as follows December (actual) January February March April $ 264,000 $ 399,000 $ 596,000 $311,000 $207,000