Ian operates an automobile repair shop and he has the opportunity to buy an additional machine, which he needs to continue servicing his increasing customer base, at a bargain price of $6,200 if he purchases it by the end of February. In order to meet payroll and other expenses, Ian wants to maintain a $5,000 cash balance. He is trying to determine if he needs to go to the bank for a loan. His accountant has projected the following estimates for the month of February: Cash balance, February 1 $ 4,200 Expected cash collections from customers 29,500 Expected repair sales in February 42,575 Expected February parts purchases 22,125 Expected payments to suppliers for January parts purchases 15,100 Overhead (includes machinery depreciation of $2,000) 3,450 Direct labor 12,800 Administrative expenses 1,800 Labor, overhead and administrative expenses are paid in the month incurred. Parts are only purchased as needed to repair vehicles, and 100% of the parts purchases are paid in the month following the purchase