2 The Modern Elite Manufacturing Co has just completed the second draft of their master budget. The cash budget summary shows a negative cash balance in Quarter 1, 3 and 4. The company, however, is not considering new loans to address the deficits. They intend to complete repayment of the old loan and the final interest payment. The Cash budget summary, the budget Income statement and the budget Balance Sheet are shown below. Prepare a new Cash Budget, Income Statement and Balance Sheet. PLEASE SHOW ME THROUGH TABLE . (30 Marks) Modern Elite Manufacturing Co for Budget Year 2024: Cash Budget Quarter 1 2 3 4 Cash Balance Beginning 32,500 -38,000 32,000 -18,000 ADD: Receipts 450,000 500,000 500,000 500,000 Total Cash Available 482,500 462,000 532,000 482,000 LESS: Disbursements 520,500 430,000 550,000 500,000 Excess (Deficits) of Cash -38,000 32,000 -18,000 -18,000 Modern Elite Manufacturing Co for Budget Year 2024: Income Statement Sales 2,000,000 Cost of Goods Sold 1,300,000 Gross Margin 700,000 Selling and Administration Expense 576,000 Net Operating Income 124,000 Interest Expense 1,200 Net Income 122,800 Previous Retain Earnings 449,900 Add: Net Income 122,800 Less: Dividends 20,000 New Retain Earnings 552,700