hw.jpg Cash Flow Franklin Co., a specialty retailer, has a history of paying quarterly dividends of $0.50 per share. Management is trying to determine whether the company will have adequate cash on December 31, 2015, to pay a dividend if one is declared by the board of directors. The following additional information is available: All sales are on account, and accounts receivable are collected one month after the sale. Sales volume has been increasing 5% each month. All purchases of merchandise are on account, and accounts payable are paid one month after the purchase. Cost of sales is 40% of the sales price. Inventory levels are maintained at $75,000. Operating expenses in addition to the mortgage are paid in cash. They amount to $3,000 per month and are paid as they are incurred. Required: Determine the cash that Franklin will have available to pay a dividend on December 31, 2015. Round intermediate calculations and final answer to the nearest dollar.