Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $297,000 for November, $317,000 for December, and $217,000 for January. Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 75% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 80% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,800. Monthly depreciation is $24,500. Ignore taxes. Balance Sheet October 31 Assets Cash$28,500 Accounts receivable 80,500 Merchandise inventory 178,200 Property, plant and equipment, net of $624,000 accumulated depreciation 1,011,000 Total assets$1,298,200 Liabilities and Stockholders' Equity Accounts payable$243,000 Common stock 747,000 Retained earnings 308,200 Total liabilities and stockholders' equity$1,298,200 Accounts payable at the end of December would be: