The Duncan Company has just completed a number of budgets for the coming year The cost of goods manufactured schedule, the proforma income statement and the balance sheet still have to be completed The following information is available: Prior year Balance Sheet: Information from recent budgets for the coming year: Projected sales arc $1, 800,000 (12, 690 units) Projected direct material purchases arc $500,000 Projected direct material usage is $495,000 Projected direct labor expense is $400,000 Projected overhead is $3$0,000 Projected selling expenses are $120.000 Projected administrative expenses are $300,000 Projected cash collections are $I, 785,000 Projected payments for materials (accounts payable) are $520,000 Projected payments for other operating expenses (other current liabilities) are $1, 130,000 Projected depreciation expense is $55,000 and is already included in mfg overhead Additional information that is available: The expected tax rate is 35% The company is planning a stock issue of $25,000 Income taxes are paid 3 months after the year-end The company anticipates purchasing a new patent for $10,000 during the year WIP inventory is expected to decrease by $2,000 Finished goods inventory is expected to increase by $8,000 Due to insurance rate increases, it is expected that prepaid expenses will increase by $3,000 Investment information: A purchase of additional equipment for $75,000 is expected on January 1^st. The purchase will be made using $50,000 cash and long-term debt will be increased by $25,000 Long-Term Debt information: All long-term debt will have an 8% annual rate. A payment of $50,000 including BOTH principle and interest will be made on December 3 15 t. Required: Prepare a cost of goods manufactured schedule, a proforma income statement and proforma balance sheet