Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2017 April May June Credit sales $ 324,000 $ 304,000 $ 364,000 Credit purchases 132,000 155,000 180,000 Cash disbursements Wages, taxes, and expenses 44, 400 11,900 63,400 Interest 11,400 11,400 11,400 Equipment purchases 84,000 158,000 0 The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2017, credit sales were $194,000 and credit purchases were 134,000. Required: Using this information, complete the following cash budget: for April May and June April May June Beginning cash balance $ 127,000 $ $ Cash receipts Cash collections from credit sales Total cash available $ $ $ Cash disbursements Purchases $ $ Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements $ $ $ Ending cash balance $ $ $