2. Cool-Ice's balance sheet for 30 November follows. Use it and the following information to prepare a cash budget for Cool-Ice for December. 80% of sales are on account, of which half are collected in the month of the sale, 49% are collected the following month and 1% are never collected and are written off as bad debts. All purchases of materials are on account. Cool-Ice pays for 70% of purchases in the month of purchase and 30% in the following month. All other costs are paid in the month incurred. Cool-Ice is making monthly interest payments of 1% (12% per year) on a $20 000 long-term loan. Cool-Ice plans to pay the $500 of taxes owed as of 30 November in the month of December. Income tax expense for December is zero. 40% of processing and set-up costs, and 30% of marketing and general administration costs, are depreciation.