2. The following sales figures are for the months of November 2015 to June 2016. The figures from January 2016 onward are estimated: Actual Sales $ Nov-15 60,000 Dec-15 64.000 Forecast Sales Jan-16 65.000 Feb-16 70,000 Mar-16 72,500 Apr-16 76,250 May-16 80,000 Jun-16 78,750 1) Half the sales are normally paid for in the month in which they occur and the customers are rewarded with a 5% cash discount. The remaining sales are paid for net (invoice price) in the month following the sale, 11) Wages of S12,000 per month are paid in the month in which they are camed. It is expected that the wages will be increased by 10% from 1 March 2016 11) Rent will cost $60,000 per annum payable three monthly in advance in January, April, July and December each year iv) The half-yearly interest on 200,000, 8% debentures of S1 cach is due to be paid on 15 January 2016 5) The ordinary dividend of $12000 for the year 2015 will be paid in March 2016 vi) The bank balance at 31 December 2015 is $ 400,000 Required: Prepare a cash budget for the four months ended 30 April 2016 (10 Marks)