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Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances Cash Accounts receivable Invento Buildings and equipment (net) Accounts payable Capital shares Retained earnings Debits 5 48,000 224,000 80,000 370,000 S 93,000 500,000 109,000 5702,000 S702 ,000 b. Actual sales for December and budgeted sales for the next four months are as follows: $280,000 400,000 600,000 300,000 200,000 December (actual) January March rl c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following ssle. The accounts receivable at December 31 are a result of December credit sales. per month. Shipping, 5% of sales: amortization. S14.000 per month; other expenses, 3% of sales ststed st cost. the following month equipment will be purchased for cash at a cost of 584,500 d. The company's gross margin is 40% of sales e. Monthly expenses are budgeted as follows: salaries and wages, 527,000 per month; advertising, S70,000 f. At the end of each month, inventory is to be on hand equal to 25% of the following month's sales needs. g. One-half of a month's inventory purchases is psid for in the month of purchase; the other half is paid for in h. During February, the company will purchase a new copy machine for $1,700 cash. During March, other i. During January, the company will declare and pay $45,000 in cash dividends. j. The company must maintain a minimum cash balance of $30,000. An open line of credit is available st a local bank for any borrowing that may be needed during the quarter. All borrowing is done st the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of principal. The annual interest rate is 12%. Figure interest on whole months, eg. 1/12, 2/12.) Required: Using the preceding data, complete the following statements and schedules for the first quarter