At the end of May 2020, Findom Ltd. Had a bank balance of $450,000. Cash budgeting is critical to the company's nancial information needs. The following information was extracted from the company's records: (l)The table below provides information on budgeted sales for the periods indicated: Bud - eted Sales 2 400 000 l 500 000 2 800 000 l 900 000 3 000 000 2 500 000 2 700 000 2 000 000 3 -__ __ _ _ The company 's records indicated that 70% of the company 's sales were for cash; and 30% was received two months after sale. (2) Taxation for the rst quarter of 2020 amounting to $1,020,000 was due in the last month of the second quarter. (3) In May 2020, the company bought a motor truck for $2,000,000. The agreement with the supplier was that a down-payment of $800,000 would be made in the last month ofthe second quarter in 2020 and the balance paid off in equal amounts during the rst two months ofthe third quarter in 2020. (4) The company is to receive insurance claim of $5,000,000 for damage done to its warehouse during heavy rains. The amount is to be disbursed as follows: $2,500,000 in May 2020; $2,000,000 in June 2020; and the balance in July 2020. (S) Investments held at bank of China will mature in Aug 2020. The amount to be collected is expected to be $4,000,000. The company planned to pay dividends to, its shareholders amounting to $2,000,000 in July 2020. It also, planned to pay $1,000,000 in June 2020 for a plot of land to build a new warehouse. (6) In July 2020 the company sold a motor vehicle for $800,000 to one of its staff members while $250,000 written o' as bad debt in 2018 was recovered in the last month of the second quarter in 2020. Rental income amounting to $3,600,000 per annum is budgeted for 2020. (3') Operating expenses amounted to $2,200,000 is budgeted for 2020. Included in this gure is monthly depreciation of$100,000. (8) Salesmen are paid commission based on the amounts collected from sales each month. The amount is 5% of sales collection each month. Miscellaneous expenses amounting to $90,000 monthly was not included in the operating expenses budget. (9) Records from the company's books revealed that 60% of purchases are for cash; 20% is paid for one month later; and the balance one month later. The following table provides information on budgeted purchases for the periods indicated: Bud _eted Purchases 1,000,000 1 200 000 2,000,000 1 400 000 l 600 000 l 600 000 l 500 000 l 100 000 Required: (a) A cash collection schedule for sales for June - August of 2020. (b) A disbursement schedule for purchases for June - August of 2020. (c) A cash budget for June, July and August of 2020. Clearly show amounts for cash sales, credit sales, cash purchases, credit purchases