Consider the following information that will assist you in preparing a cash budget for CAB COMPANY for the month of March: The cash balance on March 1st is expected to be $7,000. Traditionally, 70% of all sales are cash sales collected in the same month as the sale; the remaining 30% of all sales are collected in the month following the sale. Also, 60% of the purchases of merchandise are paid for in the same month as the purchase; the remaining 40% of the purchases are paid for in the month following the purchase. The following expenses are expected to be incurred in the month of March: Additional Information: The company plans on purchasing new equipment for $30,000. The full amount will be paid in April. However, in March, the company plans on selling their old equipment for $8,000cash proceeds. In order to assist in paying for the the new equipment, CAB company will receive borrowings from the bank in the amount of $10,000 in March. The company has purchased a new insurance policy with a total annual cost of $3,000. The insurance contract calls for this to be paid in equal monthly installments. The company pays a commission to their sales manager equal to 5% of monthly sales revenue. The commission is paid in the month following the month to which it relates. Required: Prepare a Cash Budqet for CAB COMPANY for the month of MARCH