Steven Garcia, Sheridan & Edward's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet as of December 31 is as follows: Cash $32,800 Finished Goods Inventory 22.500 Accounts Receivable (net) 98,100 Raw Materials inventory 49.280 Property. Plant & Equipment 300,000 Accumulated Depreciation (75.000) Total Assets $427.680 Accounts Payable $ 17,000 Income Tax Payable 26,400 Common Stock 100,000 Retained Earnings 284,280 Total Liabilities & Owners Equity $427.680 Selected Estimates Budgeted revenue Seling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable Quarter $1.782.700 428,700 370 50,380 1,387,630 174,720 29.160 104.720 218,700 3,000 Additional Information: Sheridan & Edward plans to purchase and pay cash for a piece of land in February at a cost of $90,000 Sheridan & Edward plans to purchase equipment in March at a cost of $30,000. Depreciation for manufacturing overhead $42.000 per quarter and for selling and administrative $30,000 per month. The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter Prepare Sheridan & Edward's pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number c.9. -45 or parentheses e... (45).) Sheridan& Hill Income Statement First Quarter $ $