2. Use the following information to prepare a budgeted balance sheet Magee Company for the month of June. ay The budgeted net income for the month of June is $236,000. b. The beginning cash balance is $62,000; budgeted cash receipts are$1,660,000; budgeted cash disbursements are $1,580,000 udgeted sales for May and June are $1,600,000 and $1,700,000 respectively. Collections are 40% in the month of sale and 60% in the month following. d/The projected inventory balance is 10% of the following month's sales. Sales for July are projected to be $1,750,000. 10% 170,000 Purchases of inventory are paid 80% in the month of purchase, and 20% in the month ollowing. Budgeted purchases for June are $900,000. f. The equipment account balance is $1,400,000 onlune 30/On May 31, the accumulated depreciation on equipment is $276,000. Depreciation expense for June is estimated to be $24,000 g. There is an outstanding loan balance of $800,000. .Accrued income taxes payable for June 30 are $71,000; and accrued salaries payable are $50,000 i. The only other balance sheet accounts are: Common Stock, with a balance of $800,000 on Mavy 31, and Retained Earnings with a balance of $300,000 on May 31