5-42 Collection and disbursements. (CPA) Read Appendix SA. The following information was available from Montero Corporation's books: 19 2 PURCHASESSALES Jan Feb. Mar. Apr. $42,000 48,000 36,000 54,000 72,000 66,000 60,000 78,000 Collections from customers are normally 70% in the month of sale, 20% in the month following the sale, and 9% in the second month following the sale. The balance is expected to be uncollectible. Montero takes full advantage of the 2% discount allowed on purchases paid for by the tenth of the following month. Purchases of May are budgeted at $60,000, while sales for Mar are forecasted at $66,000. Cash disbursements for expenses are expected to be $14,400 for the month of May. Montero's cash balance at May 1 was $22,000. Required: Prepare the following schedules 1. Expected cash collections during May 2. Expected cash disbursements during May 3. Expected cash balance at May 31