Use the following information to prepare a budgeted balance sheet for Grover Company for the month of June. Thc budgeted net income for the month of June is $236,000. The beginning cash balance is $62,000; total budgeted cash receipts are $1,660,000; total budgeted cash disbursements are SI,580,000. Budgeted sales for June are $1,700,000. Collections are 40% in the month of sale and 60% in the month following. The projected inventory balance is 10% of the following month's sales. Sales for July are projected to be $1,750,000. Budgeted purchases for June are $900,000 to be paid 80% in the month of purchase and 20% in the month following. The equipment account balance is $1,400,000 on May 31. No equipment purchases or disposals were made during June. On May 31, the accumulated depreciation is $276,000. Depreciation expense for June is estimated to be $24,000. There is an outstanding loan balance of $800,000. Accrued income taxes payable for June 30 are $71,000; and salaries payable arc $50,000. The only other balance sheet accounts are: Common Stock, with a balance of $800,000 on May 31 and Retained Earnings with a balance of S300,000 on May 31. No additional common stock was issued and no dividends were paid during June