Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balance sheet for next year. The firm expects sales to total $3,000,000. The following information has been gathered. (1) A minimum cash balance of $49,700 is desired. (2) Marketable securities will remain unchanged. (3) Accounts receivable represent 9.8% of sales. (4) Inventories represent 12.1% of sales. (5) Leonard will acquire a new machine costing $89,700. Total depreciation for the year will be $32,500. (6) Accounts payable represent 14.3% of sales. (7) Accruals, other current liabilities, long-term debt, and common stock will remain unchanged. (8) The firm's net profit margin is 4.4%, and it expects to pay out $70,200 in cash dividends next year. (9) The most recent balance sheet follows a. Use the judgmental approach to prepare a pro forma balance sheet for next year. h How much if any additional financing will Leonard Industries require? Discuss a. Use the judgmental approach to prepare a pro forma balance sheet for Leonard Industries. Complete the assets part of the pro forma balance sheet for Leonard Industries below: (Round to the nearest dollar.) Assets Current assets Cash Pro Forma Balance Sheet Leonard Industries Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets $ $ Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Leonard Industries Balance Sheet Liabilities and Stockholders' Equity Accounts payable Accruals Other current liabilities Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets $45,100 15,400 255,000 340,000 $655,500 600,400 $1,255,900 Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity Print Done $394,600 60,300 30,300 $485,200 351,200 199,800 219,700 $1,255,900 X