Pro forma balance sheet$-$Basic Leonard Industries wishes to prepare a pro forma balance sheet for December $31,2020.$ The firm expects $2020$ sales to total $$3,000,000.$ The following information has been gathered.

$(1)$ A minimum cash balance of $$50,200$ is desired.

$(2)$ Marketable securities are expected to remain unchanged.

$(3)$ Accounts receivable represent $10\mathrm{.}1\%$ of sales.

$(4)$ Inventories represent $11\mathrm{.}8\%$ of sales.

$(5)$ A new machine costing $$89,700$ will be acquired during $2020.$ Total depreciation for the year will be $$31,800.$

$(6)$ Accounts payable represent $14\mathrm{.}2\%$ of sales.

$(7)$ Accruals, other current liabilities, long$-$term debt, and common stock are expected to remain unchanged.

$(8)$ The firm's net profit margin is $4\mathrm{.}4\%,$ and it expects to pay out $$69,800$ in cash dividends during $2020.$

$(9)$ The December $31,2019,$ balance sheet follows

a$.$ Use the judgmental approach to prepare a pro forma balance sheet dated December $31,2020,$ for Leonard Industries.

b$.$ How much, if any, additional financing will Leonard Industries require in $2020?$ Discuss.

c$.$ Could Leonard Industries adjust its planned $2020$ dividend to avoid the situation described in part b$?$ Explain how.

Make sure the pro forma income statement is made for $2020$ not $2019.$ Leonard Industries' $2019$ income statement is below $($see screenshot$).$ Thank you, I will thumbs up if done correctly!