3. Interest Income of $150,000 on Marketable Securities investments will be received in November. 4. The firm will sell machinery for cash for $700,000 in November but will collect in cash only 50% the same month and the rest in December. 5. The firm expects to receive $40,000 in Interest from its investments in bonds in December. 6. The firm will pay in cash for 40% of its purchases (same month) and 60% of its purchases in cash the following month. 7. Salaries and Wages amount to 10% of the preceding months sales 8. Sales commissions paid amount to 5% of the preceding months sales. 9. Lease Payments of $250,000 must be made each month. 10. A principal and interest payment on an Outstanding loan is due in November for $700,000 11. The firm will purchase a truck for $80,000, at the end of November, and will pay 50% in the same month in cash and the rest in December. 12. The firm will pay cash dividends of $350,000 at the end of December. 13. Fixed assets costing $1,200,000 in cash will be purchased in November. 14. Depreciation expense is expected to be $100,000 each month. 15. The firm has a beginning cash balance in October of $600,000. 16. The firm wishes to maintain a monthly cash balance of $600,000. Required: Prepare and Evaluate a Cash Budget for the Months of October, November, and December based on the information shown below, and determine if the firm would have a required financing (deficit) or excess cash balance (surplus) for each period. Then answer the questions.