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Prepare a cash budget for January and Febnuary. Current Attempt in Progress Danner Company expects to have a cash balance of $46,800 on Jamuary 1,2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $88,400, February $156,000. Payments for direct materials: January $52,000, February $78,000 Direct labor: January $31,200, February $46,800. Wages are paid in the month they are incurred. Manufacturing overhead January $21,840. February $26,000. These costs include depreciation of $1,560 per month. All other overhead costs are paid as incurred. Seling and adminhtrative expenses: January $15,600, February $20,800, These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $12.480 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $26,000. The company wants to maintain a minimum monthly cash balance of $20.800. Prepare a cash budget for January and February