Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019.

DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019
Assets
Cash	$	36,000
Accounts receivable		520,000
Inventory		100,000
Total current assets				$	656,000
Equipment		528,000
Less: Accumulated depreciation		66,000
Equipment, net					462,000
Total assets				$	1,118,000
Liabilities and Equity
Accounts payable	$	355,000
Bank loan payable		13,000
Taxes payable (due 3/15/2020)		88,000
Total liabilities				$	456,000
Common stock		473,000
Retained earnings		189,000
Total stockholders equity					662,000
Total liabilities and equity				$	1,118,000

To prepare a master budget for January, February, and March of 2020, management gathers the following information.

1. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $33,600; February, $91,200; and March, $28,800. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full months depreciation is taken for the month in which equipment is purchased.
2. The company plans to buy land at the end of March at a cost of $160,000, which will be paid with cash on the last day of the month.
3. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $16,000 at the end of each month.
4. The income tax rate for the company is 37%. Income taxes on the first quarters income will not be paid until April 15.

   Required: Prepare a master budget for each of the first three months of 2020; include the following component budgets.

   1. Monthly sales budgets. 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020.

Please I am stuck in steps 6 through 8 only......