Danner Company expects to have a cash balance of $52,200 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $98,600, February $174,000. Payments for direct materials: January $58,000, February $87,000. Direct labor: January $34,800, February $52,200. Wages are paid in the month they are incurred. Manufacturing overhead: January $24,360, February $29,000. These costs include depreciation of $1,740 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $17,400, February $23,200. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $13,920 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $29,000. The company wants to maintain a minimum monthly cash balance of $23,200. Prepare a cash budget for January and February. DANNER COMPANY Cash Budget January February $ $ : : : : $ $