Jeff and Carol Cooper are preparing a plan to submit to venture capitalists to fund their business, Art Masters. The company plans to spend $350,000 on equipment in the first quarter of 207. Salaries and other operating expenses (paid as incurred) will be $48,000 per month beginning in January 207 and will continue at that level thereafter. The company will receive its first revenues in January 20X8, with cash collections averaging $38,000 per month for all of 20X8. In January 20X9, cash collections are expected to increase to $110,000 per month and continue at that level thereafter. Assume that the company needs enough funding to cover all its cash needs until cash receipts start exceeding cash disbursements. Requirement