At the beginning of April 2020, Broderick & Co. Ltd had a closing cash balance of $500,000 at the bank. The company's financial year ends on December 31st each year. Cash budgeting is critical to the company's financial information needs. The following information was extracted from the company's records: 1. Budgeted Sales 2020 February $ 700,000 March 800,000 April 900,000 May 650,000 750,000 600,000 850,000 600,000 June July August September The company's records indicated that 60% of the company's sales were for cash; and 40% was received the month after sale. (2) Taxation for the first quarter of 2020 amounting to $280,000 was due in the first month of the second quarter. (3) In February 2020 the company bought a motor truck for $3,000,000. The agreement with the supplier was that a down-payment of $2,000,000 would be made in the last month of the first quarter in 2020 and the balance paid off in equal amounts during the first two months of the second quarter in 2020. (4) The company is to receive insurance claim of $1,500,000 for damage done to its warehouse during heavy rains. The amount is to be disbursed as follows: $600,000 in May 2020, $400,000 in June 2020; and the balance in July 2020.