Joseph Moore, Bramble & Thomas'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: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation $ 32,700 22,500 98,000 49,280 300,000 (75,000) $427,480 Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $ 17,000 26,400 100,000 284,080 $427,480 Selected Estimates Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Quarter $1,779,900 427,700 370 50,380 1,386,630 174,720 370 Interest expense Cash Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable 50,380 1,386,630 174,720 29,160 104,720 218.700 4,000 Additional Information: . . Bramble & Thomas plans to declare and pay dividends totaling $48,000 in January. Bramble & Thomas plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Bramble & Thomas plans to purchase equipment in March at a cost of $30,000. Depreciation for manufacturing overhead $42,000 per month and for selling and administrative $30,000 per month. . The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Bramble & Thomas s pro-forma Income statement for the rst quarter. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Bramble & Hill Income Statement First Quarter Sales Revenue $ Cost of Goods Sold Gross Margin Selling & Administrative Expense Operating Income /(Loss) Interest Expense Income Before Taxes Income Tax Expense Net Income /(Loss) $