Professional Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance As Professional Printing Supply's controller, you have assembled the following additional information: sheet at April 30, 2024. The March 31, 2024, balance sheet follows: (1) (Click the icon to view the information.) E8 (Click the icon to view the balance sheet.) Read the requirements. a. April dividends of $5,500 were declared and paid b. April capital expenditures of $16,800 budgeted for cash purchase of equipment. c. April depreciation expense, $700. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $29,500. f. April selling and administrative expenses include salaries of $34,000,20% of which will be paid in cash and the remainder paid next month g. Additional April selling and administrative expenses also include miscellaneous expenses of 5% of sales, all paid in April. h. April budgeted sales, $84,000,70% collected in April and 30% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $7,900. j. April purchases of inventory, $17,500 for cash and $37,700 on account. Half the credit purchases will be paid in April and half in May