1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in total, for the three-month period. Assume the $65,000 loan is made on April 1 and repaic with interest on June 30. Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for April, May, and June, and for the three months in total. Prime Products hopes to borrow $65,000 on April 1 and repay it plus interest of $1,000 on June 30 . The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $26,500. Accounts receivable on April 1 will total $170,800, of which $146,400 will be collected during April and $19,520 will be collected during May. The remainder will be uncollectible. b. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the threemonth period follow: c. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in April, total \$142,500. Required: 1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in total, for the three-month period. Assume the $65,000 loan is made on April 1 and repaid with interest on June 30. Prepare a cash budget, by month and in total, for the three-month period. Assume the $65,000 loan is made on April 1 and repaid with interest on June 30. Note: Cash deficiency, repayments and interest should be indicated by a minus sign