Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DINSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 37,000 Accounts receivable Inventory 520,000 157,500 Total current assets $ 714,500 Equipment 564,000 Less: Accumulated depreciation 70,500 Equipment, net Total assets 493,500 $1,208,000 Accounts payable $380,000 12,000 92,000 $ 484,000 473,500] 250,500 Liabilities and Equity Bank loan payable Taxes payable (due 3/15/2020) Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 724,000 $1,208,000 To prepare a master budget for January, February, and March of 2020, management gathers the following information.