The management of Academic Copy, a photocopying center located on University avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: te e Ending Balances 8,800 Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings 200 56,000 3,800 nd The beginning balance of retained earnings was $42,000, net income is budgeted to be $17,200, a dividends are budgeted to be $7,000. Required Prepare the company's budgeted balance sheet. Assets Current assets: Cash* Accounts receivable Supplies inventory Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and ockholders'Equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings# Total stockholders' equity and stockholders eauity