Udly, reports the following balance sheet at December 31 $ 2e, see 520.000 105,000 DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash Accounts receivable Inventory Equipment $ 528,000 Less: Accumulated depreciation 66,000 Equipment, net Total assets Liabilities and Equity Llabilities Accounts payable $ 355,000 Loan payable 11.00 Taxes payable (due March 15) 90,000 Equity Common stock $ 474,000 Retained earnings 177,500 Total stockholders' equity Total liabilities and equity 462,000 $ 1,107,500 es $ 456, 651,500 $ 1,107, see To prepare a master budget for January, February, and March, use the following information a. The company's single product is purchased for $20 per unit and resold for $59 per unit. The inventory level of 5.250 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January 7,500 units: February, 9.500 units, March 10,750 units; and April, 10.500 units. All sales are on creart b. Cash receipts from sales are budgeted as follows, January, $279.875. February, $772,379: March $557.934 c. Cash payments for merchandise purchases are budgeted as follows: January, $60,000: February $317.600; March. $105.400 d. Sales commissions equal to 20% of sales dollars are paid each month. Saies salaries (excluding commissions are $6.500 per month e. General and administrative salaries are $13,000 per month. Maintenance expense equals $2.000 per month and is paid in cash 1. New equipment purchases are budgeted as follows: January $38.400: February 596.000; and Morch. $26.400, Budgeted depreciation expenses January, $ 5.900: February $6.900, and March $7,175, 9. The company budgets a land purchase at the end of March at a cost of $45.000, which will be paid with cash on the last day of the month h. The company has an agreement with its bank to obtain additional loans aheeded. The interest rate is 195 per month and interest is paid at each month-end based on the beginning-month balance. Partiorull payments on these loans are made on the last day of the month. The company maintains a minimum ending cash balance of $20,500 at the end of each month L. The income tax rate for the company is 37% Income taxes on the fast quarter's income will not be paid until April 15 Required: Prepares master buoget for the month of January, Fooruary, and March that has the following budgos 1. Sales budgets 2. Merchandise purchases budgets 3. Selling expense bogats 4. General and administrave expence budgets. Aunt Depreciations included in the general and administrave budget for merchandisers 5. Capital expenditures budgets 6. Cash budgets 7. Budgeted Income statement for entre Quarter introtren March 31 8. Budgeted balance sheet as of March 31 Complete this question by entering your