Question #1-60 marks Shortly before the end of 2016, the management of Kramer Corporation prepared the following budgeted balance sheet as of December 31, 2016. Kramer Corporation Budgeted Balance Sheet As of December 31, 2016 360,000 Cash Accounts receivable 1,125,000 1.875.000 Inventory Total current assets 3,360,000 $4,500,000 Equipment Accumulated depreciation 450,000 4,050,000 Total 0.000 Accounts payable 600,000 Loan from bank 360,000 Taxes payable (due March 15, 2017) 00.000 $1,860,000 Total liabilities $3, 7500,00 Common shares Retained earnings 00.000 Total shareholders' equity 5,550,000 Tota 0.000 n anticipation of preparing a master budget for January, February, and March 2017, management has gathered the following information: a. Kramer's single product is purchased for $15 per unit and resold for $20 per unit. The expected inventory level on December 31 (125,000 units) is significantly lower than management's desired level for 2017 of 80% of the next month's expected sales (in units). Budgeted sales are: January 750,000 units February 675,000 March 900,000 April 900,000