Intercoastal's projected balance sheet as of December 31,200, is as follows: Jack Hanson, the assistant controller, is now preparing a monthly budget for the first quarter of 201. In the process, the following information has been accumulated: sale, and the remainder are collected during the following month. 3. Hanson has estimated that Intercoastal's other monthly expenses will be as follows: In addition, sales commissions run at the rate of 1 percent of sales. 10 percent per year at the time of the equipment purchases. If a loan is necessary, Davies-Lowry has decided it should be paid off by the end of the first quarter if possible. 5. Intercoastal's board of directors has indicated an intention to declare and pay dividends of $20,000 on the last day of each quarter. 7. Property taxes are pald semlannually on February 28 and August 31 for the preceding six-month perlod. Required: Prepare Intercoastal Electronics Company's master budget for the first quarter of 201 by completing the following schedules and statements. Intercoastal's projected balance sheet as of December 31,200, is as follows: Jack Hanson, the assistant controller, is now preparing a monthly budget for the first quarter of 201. In the process, the following information has been accumulated: sale, and the remainder are collected during the following month. 3. Hanson has estimated that Intercoastal's other monthly expenses will be as follows: In addition, sales commissions run at the rate of 1 percent of sales. 10 percent per year at the time of the equipment purchases. If a loan is necessary, Davies-Lowry has decided it should be paid off by the end of the first quarter if possible. 5. Intercoastal's board of directors has indicated an intention to declare and pay dividends of $20,000 on the last day of each quarter. 7. Property taxes are pald semlannually on February 28 and August 31 for the preceding six-month perlod. Required: Prepare Intercoastal Electronics Company's master budget for the first quarter of 201 by completing the following schedules and statements