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 $49.800 is desired. (2) Marketable securities are expected to remain unchanged. (3) Accounts receivable represent 9.8% of sales. (4) Inventories represent 12.2% of sales. (5) A new machine costing $89.800 will be acquired during 2020. Total depreciation for the year will be $32,300. (6) Accounts payable represent 14.4% 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 3.6%, and it expects to pay out $69,500 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. h How much if any additional financing will leonard Industries require in 20202 Discuss .. . a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries. Complete the assets part of the pro forma balance sheet for Leonard Industries for December 31, 2020 below: (Round to the nearest dollar.) Data table Pro Forma Balance Sheet Leonard Industries 1 December 31, 2020 Assets Current assets (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Leonard Industries Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $44,500 Accounts payable $394,800 Marketable securities 15,200 Accruals 60,500 Accounts receivable 254,600 Other current liabilities 29.500 Inventories 339,700 Total current liabilities $484,800 Total current assets $654,000 Long-term debt 350,300 Net fixed assets 600,400 Common stock 199,700 Retained earnings 219,600 Total assets $1,254,400 Total liabilities and stockholders' equity $1,254,400 Cash Marketable securities Accounts receivable Inventories Total current assets $ Net fixed assets Total assets $ Print Done