E7-14 Suppose Sprint Corporation, the long-distance telephone company, is preparing its cash budget for 20X4. The company ended 20X3 with $135 million, and top management fore- sees the need for a cash balance of at least $137 million to pay all bills as they come due in 20X4. Collections from customers are expected to total $11.813 million during 20X4, and pay- ments for the cost of services and products should reach $6.166 million. Operating expense payments are budgeted at $2,744 million. During 20X4, Sprint expects to invest $1.826 million in new equipment. $275 million in the company's cellular division, and to sell older assets for $116 million. Debt payments scheduled for 20X4 will total $597 million. The company forecasts net income of $890 million for 20X4 and plans to pay $338 million to its owners. Required Prepare Sprint's cash budget for 20X4. Will the budgeted level of cash receipts leave Sprint with the desired ending cash balance of $137 million, or will the company need additional financing?