The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: The beginning balance of retained earnings was $28,000, net income is budgeted to be $11, 500, and dividends are budgeted to be $4, 800. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)