Ashton Company a distributor of exercise equipment, is preparing a cash budget for December, it provided the following information: a. The cash balance on December 1 is $47,600 b. Actual sales for October and Nowember and expected sales for December are as follows. Sales on account are colected over o three-month period as foliows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sole. The remaining 2% are uncollectible. c Purchases of inveatory wil total $351,000 for December. Thirty percent of a montris inventory purchases are paid during the month of purchase. The accounts payoble remaining from November's inventory purchases total $194,500, all of which wil be paid in December. of Selling and administratwe expenses ore budgeted at $512,000 for December, Or this amount, $81,400 is for depreclation. - A new web server for the Maketing Department costing $104,000 wil be purchased for cash during December, and dividends totaing $11,500 will be paid during the month. t The company maintains a minimum cash balance of $20,000. An open line of credit is ovalable from the compony's bank to increase its cash batonce as needed. Required: For Deconties: 1. Calculate the expected cash collections 2 Calculate the expected cash disbursemonts for morchandise purchases. 3. Prepare a cash budiget indicato in the francing section any borrowing needed during the montl. Assume any interest will not be paif int the followng inonth