I only need help with question 3 since its 1 question per post!

A listing of the company's ledger accounts as of March 31 is given below: Assets Cash $74,000 Accounts receivable ($26,000 from the February sales and S346,000 $320,000 from the March sales) Inventory I$104,000 Prepaid insurance $21,000 Property and equipment (net) $950,000 Total Assets $1,495,000 Liabilities and Stockholders' Equity Account payable $100.000 Dividends payable l$15,000 Common stock $800,000 Retained earnings $580,000 TSI 495,000 Total liabilities and stockholders' equity The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month; any repayments are made at the end of the month The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity, we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all accumulated interest on the loan and as much of the loan as possible (in increments of $1,000, while retaining at least $50,000 in cash. Required Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: 1. a. A sales budget, by month and in total. b. A schedule of cash collections from sales, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total d. A schedule ofexpected cash disbursements for merchandise purchases, by month and in total 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of$50,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30