Deitz Corporation is projecting a cash balance of $37,500 in its December 31, 2019, balance sheet. Deitzs schedule of expected collections from customers for the first quarter of 2020 shows total collections of $231,250. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $53,750. Other information gathered for the first quarter of 2020 is sale of equipment $3,750; direct labor $87,500, manufacturing overhead $43,750, selling and administrative expenses $56,250; and purchase of securities $17,500. Deitz wants to maintain a balance of at least $31,250 cash at the end of each quarter. Prepare a cash budget for the first quarter.