(Cash budgef) The Sharpe Corporation's projoctod sales for the first 8 months of 2019 are shown in the following table: Or Sharpo's sales, 30 percent is for cash, another 50 percent is collected in the month following the sales, and 20 percent is collected in the second month following sales. November and December sales for 2018 were $220,000 and $175.000, fespectively Sharpe purchases its raw materials 2 months in advance of its sales. The purchases are equal to 50 percent of the final saies price of Sharpe's products, The supplier is paid 1 month after it makes a delivory. For oxample, purchases for Apoil sales are made in February, and payment is made in March. In addition. Sharpo pays \$8,000 per month for rent and \$15,000 each month for other expenditures, Tax prepayments of \$21,000 are made each quarter, beginning in March. The company's cash balanoe on December 31,2018 , was $24,000. This is the minimum balance the firm wants to maintain. Arry borrowing that is needed to maintain this minimum is paid oft in the subsequent month if there is sufficient cash. Interest on short-term loans (12 percent) is paid monthly, Borrowing to meet estimated monthy cash needs takes place at the beginning of the month. Thus, 4 in the month of April the firm oxpocts to have a neod for an additional $60,500, a. Prepare a cash budgot for Sharpe covering the first 7 months of 2019 Fill in the Collections for the month of January (Round to the noarest dollar.) Data table (Click on the following icon 0 in order to copy its contents into a spreadsheet.)