All selling and administrative expenses are paid during the month, cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company pl to purchase $18,400 in new equipment during May and $46,000 in new equipment during June; both purchases will be paid in cash. Th company declares dividends of $16,200 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 is given below: The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these loans is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. Required: 1. Prepare a master budget for All selling and administrative expenses are paid during the month, cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company pl to purchase $18,400 in new equipment during May and $46,000 in new equipment during June; both purchases will be paid in cash. Th company declares dividends of $16,200 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 is given below: The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these loans is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. Required: 1. Prepare a master budget for