7. Question 6: Master Budgeting Time: 30 minutes Total: 12 marks Magna Corporation has prepared the following sales budget: Month Cash Sales Credit Sales Jan $16,000 $68,000 Feb 20.000 80,000 March 20,000 174,000 April 26,000 192,000 May 24,000 76,000 Collections are 30% in the month of sale, 50% in the month following the sale, and 10% two months following the sale. The remaining 10% is expected to be uncollectible. Required: Prepare a schedule of cash collections for March through May