Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balanco sheot for December 31.2020. The firm expects 2020 sales to total $3,000,000. The following information has beon gathered. (1) A minimum cash balance of $50,000 is desired. (2) Marketable securities are expected to remain unchanged. (3) Acoounts receivable represent 10.0% of sales. (4) Inventories represent 12.0% of sales. (5) A new machine costing $90,000 will be acquired duting 2020. Total depreciation for the year will be $32.000. (6) Accounts payable represent 14.0% of sales. (7) Accruals, other current liabiaties, longtlerm debt, and common stock are expected to remain unchanged. (8) The firm's net profit margin is 4.0%, and it expects to pay out $70,000 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 wil Leonard Industrief require in 2020 ? Discuss. c. Could Leonard Industrios adjust its planned 2020 dividend to avoid the situation described in part b? Explain how. a. Use the jubgenental approsch to prepate a pro forma balance shent doted Decuenbor 31,2020 for Leonard industres Conpleto the assets part of the pro fortia balanco sheet sor Leorard indastries lar December 31, 2020 below. (Round to the neaiest doila Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.)