Following are the budgeted income statements for the second quarter of 2022 for SeaTech incorporated: - Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead) The company expects about 30% of sales to be cash transactions. Of sales on account, 60% are expected to be collected in the first month ofter the sale is made, and 40% are expected to be collected in the second month after sale. Depreciation, insurance, and property taxes represent $19,200 of the estimated monthly cost of goods sold and $12,800 of the estimated monthly operating expenses. The annual insurance premium is paid in January, and the annual property taxes are paid in August Of the remainder of the cost of goods sold and operating expenses, 80% are expected to be paid in the month in which they are incurred, and the balance is expected to be pald in the following month. Current assets as of April 1, 2022, consist of cash of $22,400 and accounts receivable of $239,680 (\$167,776 from March credit sales and $71,904 from February credit sales). Current llabilities as of April 1 consist of $28,800 of accounts poyable for product costs incurred in March; $7,360 of accrued liabilities for operating expenses incurred in March; and a $64,000,12%,120-day note payable that is due on April 17, 2022. An estimated income tax payment of $64,000 will be made in May. The regular quarterly dividend of $25,600 is expected to be declared in May and paid in June. Capital expenditures amounting to $27,520 will be made in April. Required: a. Complete the monthly cash budgets for the second quarter of 2022 using the following format. Note that the ending cash balance for June is provided as a check figure. b. Assume that management of SeaTech incorporated desires to maintain a minimum cash balance of $18,100 at the beginning of each month and has arranged a $100,000 ine of credit with a local bank at an interest rote of 11% to ensure the avallability of funds. Borrowing transactions are to occur only at the end of months in which the budgeted cash balance would otherwise fall short of the $18,100 minimum balance. Repayments of principal and interest are to occur at the end of the earliest month in which sufficient funds are expected to be avallable for repayment. Complete this question by entering your answers in the tabs below. Complete the monthly cash budgets for the second quarter of 2022 using the following format. Note that the ending cash balance for June is provided as a check figure. Note: Use 360 days year for calculations. Do not round intermediate calculations. Round your final answers to the nearest whole dollars. Assume that management of SeaTech Incorporated desires to maintain a minimum cash balance of $18,100 at the beginning of each month and has arranged a $100,000 line of credat with a local bank at an interest rate of 11% to ensure the avallability of funds. Borrowing transactions are to occur only at the end of months in which the budgeted cash balance would otherwise fall short of the $18,100 minimum balance. Repayments of princlpal and interest are to occur at the end of the earliest month in which sufficlent funds are expected to be available for repayment Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollars. Use 360 days year for calculations