Close 294/295 Media to on appeared in the balance sheet of Lincoln Lid on 30 June 2017 5 Cash at bank 30 000 Provision for income tax 34000 Provision for dividends 36 000 Prepaid insurance 1000 Actual sales and purchases for May and Jane, and estimated figures for July and August areas follows: May June July August Sales 280 000 260 000 280 000 340 000 Purchases 150 000 130 000 140 000 170 000 Sales are only made on credit. From previous experience, management knows that 60% of each month's credit sales will be collected in the same month as the sale, 30% the following month and 10% in the month after that. Bad debts can be ignored. The company only purchases inventory on credit. From past experience, management knows that 50% of purchases will be paid for in the month of purchase, and 50% in the following mouth. . Other Information: Dividends are payable in July The tax payment is due to be made in August The business is planning to purchase new equipment to the value of S46 000 Half will be paid on delivery of the equipment on 1 July, and the remainder in September After purchase of the new equipment, depreciation expense will be 516 000 per month The company has one insurance policy. The annual insurance premium which has not changed for a number of years, is due for payment on 1 August Close 295/295 Media 11 Prepare a merani better usert, mercantud for this two monterad