It is annual budget preparation time and the accounting team at Quentin Inc is preparing the cash budget for the months of April, May, and June The company has established a $50,000 line of credit with its bank at a 10% annual rate of interest on which borrowings for cash deficits must be made in $1,000 increments. There will not be an outstanding balance on the line of credit loan on March 31, and March 31st cash balance will be $100,000. Principle repayments are to be made in any month in which there is a surplus of cash. Interest is to be paid monthly. Quentin intends to maintain a minimum balance of $100,000 at the end of each month by either borrowing for deficits below the minimum balance or repaying the loan balance with excess cash. Expected monthly collection and disbursement patterns are shown below: *Collections: 30% of the current month's sales budget and 70% of the previous month's sales buc *Accounts Payable Disbursements: 20% of the current month's accounts payable budget and 80% of the previous month's accounts payable budget. *All other disbursements occur in the month in which they are budgeted Budget Information March April Sales $ 90,000 $ 95,000 $ Accounts Payable $ 20,000 $ 30,000 $ Payroll $ 40,000 $ 50,000 $ Other Disbursements $ 20,000 $ 25,000 $ May 100,000 $ 40,000 $ 45,000 $ 20,000 $ June 110,000 40,000 50,000 10,000 Required Create a Cash Budget for April, May, June