Hope Morris Cycle prepares an annual cash budget by quarters. Its cash budget is based on the following assumptions. The January 1, 2020 cash balance is expected to be $38,000. First quarter sales $180,000; second quarter sales $210,000; third quarter sales $240,000; Fourth quarter sales $270,000. 60% are collected in the quarter sold and 40% are collected in the following quarter. Accounts receivable of $60,000 at December 31, 2019 is expected to be collected in full in the first quarter of 2020. Short-term investment securities are expected to be sold for $2,000 cash in the first quarter. Management plans to purchase a truck in the second quarter for $10,000 cash. Hope Morris makes equal quarterly payments of its estimated $12,000 annual income taxes. Required: a) Prepare schedules for collections from customers for all quarters 2020. (2 marks) b) Cash budget for the first two quarters 2020. (3 marks)