Cash Budget Empire Corporation is proparing its master budget for the firs quarter of 2023 . The following data pertain to its operations: 2. Expected sales are $110,000,$130,000, and $140,000 for January, February, and March November and December, 2022, sales amounted to $90,000 and $100,000, respectively. b. Forty pereent of its sales for cash; the remaibder are on account. Credit sales are oollected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale. Four percent is considerod unoollectible. c. Peyments for direct materials (DM), direct labor (DL), and munufacturing overhead (MOH) are estimated to be: A. Anticipated selling and administrative expenses are expected to be $20,000 in January and will increase by 2% par moeth. c. In Januany, the company will purchase an equipment for 520,000 . 1. The company's Jamuary I cash balance is $15,000, and a minimum balance of $12,000 is kept at all times, Additional financing is available (and repaid) in $1,000 multiples at 6% annual interest rate. Interest on the repaid priocipal is peid at the time of repayment basod on avallability of cash. REOURRED: Propare a cash budget for Emplre Corpontion using the following format