Additional information

The treasurer's office also provided the following information and estimates :

1 All sales are on account and collection from customers are expected
to amount to 5,185,000.
2 Equipment costing 300,000 with accumulated depreciation of 275000
will be sold at its net book value . New equipt. Costing 320,000 will
be purchased during the year .
3 Accounts payable will increase by 15000 and assumed to be for
materials purchases only .
4 Income taxes will be provided at an average rate of 35% of ncome
before taxes , while 252000 will be paid during the period .
5 Dividends amounting to 140,000 will be paid during the year and the current portion
of the long-term debt shall also be settled at the end of the year .
Interest rate is 8% per annum .

Required : Prepare a master budget for Gilbert Co for the year ending Dec 31 20X5