Ivanhoe Corporation is projecting a cash balance of $$28,000$ in its December $31,2021,$ balance sheet. Ivanhoe's schedule of expected collections from customers for the first quarter of $2022$ shows total collections of $$178,000.$ The schedule of expected payments for direct materials for the first quarter of $2022$ shows total payments of $$42,000.$ Other information gathered for the first quarter of $2022$ is as follows: sale of equipment $$2,000$; direct labour $$66,000,$ manufacturing overhead $$35,000$; selling and administrative expenses $$44,000$; and purchase of securities $$13,000.$ Ivanhoe wants to maintain a balance of at least $$26,000$ cash at the end of each quarter.

Prepare a cash budget for the first quarter.

IVANHOE CORPORATION Cash Budget For the First Quarter Ending March $31,2022$