Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balance sheet for next year. The firm expects sales to total $3,000,000. The following information has been gathered. (1) A minimum cash balance of $49,700 is desired. (2) Marketable securities will remain unchanged. (3) Accounts receivable represent 10.1% of sales. (4) Inventories represent 11.9% of sales. (5) Leonard will acquire a new machine costing $89,800. Total depreciation for the year will be $32,300. (6) Accounts payable represent 14.4% of sales. (7) Accruals, other current liabilities, long-term debt, and common stock will remain unchanged. (8) The firm's net profit margin is 3.6%, and it expects to pay out $69,600 in cash dividends next year. Data table (9) The most recent balance sheet follows - (Click on the icon here = in order to copy the contents of the data table below into a spreadsheet.) a. Use the judgmental approach to prepare a pro forma balance sheet for next year. Leonard Industries Balance Sheet h How murh if s anv additional financing will Ieonard Induustries reguire? Discuss Assets Cash Marketable securities Liabilities and Stockholders' Equity $44,800 $395,500 Accounts payable Accruals Other current liabilities 14,500 60,100 a. Use the judgmental approach to prepare a pro forma balance sheet for Leonard Industries. Accounts receivable 254,700 30,300 Inventories 340,200 Total current liabilities $485,900 Complete the assets part of the pro forma balance sheet for Leonard Industries below: (Round to the nearest dollar Total current assets $654,200 600,300 Long-term debt 348,700 Pro Forma Balance Sheet Net fixed assets Common stock 199,700 Retained earnings 220,200 Leonard Industries Total assets $1,254,500 Total liabilities and stockholders' equity $1,254,500 Assets Current assets Print Done Cash Marketable securities