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 $50,000 is desired. (2) Marketable securities are expected to remain unchanged. (3) Accounts receivable represent 9.7% of sales, (4) Inventories represent 11.7% of sales. (5) A new machine costing $89,900 will be acquired during 2020. Total depreciation for the year will be $32,500 (6) Accounts payable represent 14.1% 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 4.4%, and it expects to pay out $69,600 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 anv. additional financing will Leonard Industries require in 2020? 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) Pro Forma Balance Sheet Leonard Industries December 31, 2020 Assets Current assets Cash $ Marketable securities Accounts receivable Inventories Total current assets Net fixed assets $ Total assets (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Leonard Industries Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity $45,400 Accounts payable 15,200 Accruals 254,700 Other current liabilities 339,800 Total current liabilities $655,100 Long-term debt 600,200 Common stock Retained earnings $1,255,300 Total liabilities and stockholders' equity $394,500 59,500 29,800 $483,800 351,100 200,500 219,900 $1,255,300 Total assets