Variable: Sales commissions Fixed: Advertising Kent Salaries Utilities Insurance Depreciation 4% of sales $ 280,000 $ 26,000 $ 122,000 $ 11,000 $ 3,800 $ 22,000 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $20,000 in new equipment during May and $48,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $21,000 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below: Assets Cash Accounts receivable ($38,640 February sales; $465,920 March sales) Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholders' equity $ 82,000 504,560 127,872 25,000 1,030,000 $ 1,769,432 $ 108,000 21,000 960,000 680,432 $ 1,769,432 Please answer this in full for a thumbs up!