John Wills, Crane & Hill Fabricators budget director, has received budget information from several managers and is preparing the companys cash budget.

		January			February			March			Quarter
Collections from sales		300,720			546,000			582,000			1,428,720
Payments for direct materials		45,070			67,200			79,480			191,750
Payments for direct labor		124,320			213,920			189,280			527,520
Payments for manufacturing overheads		96,751			99,887			99,025			295,663
Payments for Selling & administrative expenses		57,680			73,640			70,280			201,600

In addition to the information he received from these managers, John knows the following:

		Bates & Hill plans to have $67,200 in its cash account on January 1.
		Bates & Hill plans to declare and pay dividends totaling $54,880 in January.
		Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $80,640.
		Bates & Hill plans to make a cash purchase of equipment in March at a cost of $67,200.
		Bates & Hills income taxes from last quarter totaling $84,290 will be paid in January.
		Bates & Hill is required to maintain a minimum cash balance of $33,600 in its account at First National Bank.

Crane & Hill has negotiated with the First National Bank to provide a $196,000 line of credit that can be borrowed against in $1,000 increments on the first day of the month. Any repayments on the line of credit must also be made in $1,000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 13%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Crane & Hills cash budget for the first quarter.