I am stuck on these two things that I marked as Incorrect. Everything else is correct.

Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 10, 300 70,000 43,000 227,000 $ 350, 300 $ 86,000 23,000 180,000 61,300 $ 350, 300 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $276,000 for May. Of these sales, $82,800 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $147,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $43,000. d. Selling and administrative expenses for May are budgeted at $97,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,200 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $235 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $12,100 will be purchased for cash during May. g. During May, the company will borrow $29,200 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation $ 11,265 96,600 43,000 235,900 386,765 Total assets $ Liabilities and Stockholders' Equity Accounts payable $ Note payable Common stock Retained earnings 88,200 29,200 180,000 92,565 This is incorrect Total liabilities and stockholders' equity $ 389,965 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Req 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Sales $ Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income | $ > This Is Incorrect 276,000 147,000 129,000 97,500 31,500 235 31,265 /