Village Hardware is a retail hardware store. Information about the store's operations follows.

	November 20x4 sales amounted to $490,000.
	Sales are budgeted at $530,000 for December 20x4 and $490,000 for January 20x5.
	Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly.
	The stores gross margin is 20 percent of its sales revenue.
	A total of 70 percent of the merchandise for resale is purchased in the month prior to the month of sale, and 30 percent is purchased in the month of sale. Payment for merchandise is made in the month following the purchase.
	Other monthly expenses paid in cash amount to $46,100.
	Annual depreciation is $459,000.

The company's balance sheet as of November 30, 20x4, is as follows:

VILLAGE HARDWARE, INC. BALANCE SHEET NOVEMBER 30, 20x4
ASSETS
Cash	$	53,000
Accounts receivable (net of $7,900 allowance for uncollectible accounts)		161,000
Inventory		370,000
Property, plant, and equipment (net of $1,270,000 accumulated depreciation)		1,814,000
Total assets	$	2,398,000
LIABILITIES AND OWNER'S EQUITY
Accounts payable	$	414,400
Common stock		1,680,000
Retained earnings		303,600
Total liabilities and owners equity	$	2,398,000
1. Compute the projected balance in accounts payable on December 31, 20x4.