Libra, Inc is a manufacturer the companys balance sheet for the fiscal year ended on June 30 below along with additional information: Assets: Liabilities & S/E: Cash $ 52,000 A/P Smartphone parts $ 161,920 Net A/R 62,000 Inventory 315,000 Common Stock 900,000 Property and Equipment, Net 1,000,000 Retained Earnings 467,080 Total Assets $1,529,000 Total Liabilities & S/E $1,529,000 Budgeted Sales are $520,000 for July, $500,000 for August, & $550,000 for September All sales are made on credit Collections of credit sales are expected to be 60% in the month of sale. 36% in the month following sale, and 4% uncollectible 80% of the smartphone parts are purchased in the month prior to the month of the sale. And 20% are purchased in the month of sales. Purchased parts comprise 40% of the total cost of goods sold. Payment for parts purchased is made in the month following the purchase. The company's gross margin rate is 20% Other monthly expenses to be paid in cash are $20, 100, Monthly depreciation is $22,000 Libra planning to declare a 25,000 dividend in July, which will be payable in August Ignore Interest and taxes 1.The budgeted ending July balance in Retained Earnings would be? 2.. Libra's ACcounts payable for purchased smartphone parts at the end of July would be: $483,180 & $161,280 should be the answer, please explain