July . Coral Company is a wholesale distributor of clothing. The following is information of Coral Co.'s sales and purchases of inventory, on account, in 2021: Month Sales on Purchases on Account Account $85.000 $35.000 August 94.000 44.000 September 106.000 49.000 October 114.000 56.000 The Cash is collected from customers in the following manner: Month of sale 35% Month following sale 50% Two months following sale 15% The Cash is paid to vendors in the following manner: . Months of Purchase 50% Month following purchase 30% Two months following purchase 20% The company's statement of financial position as of November 31, 2021 is given below: Coral Company Statement of Financial Position As of November 31, 2021 Assets (In Dollar) Cash $65.000 Accounts Receivable 83.600 Inventory 67.700 Property, plant and equipment, net of 268.000 depreciation Total Assets 484.300 Liabilities and Stockholder's Equity Accounts Payable 30.700 Note Payable 70.000 Common Stock 205.000 Retained Earnings 178.600 Total Liabilities and Stockholder's Equity 484.300 The company is in the process of preparing a budget for December and has assembled the following data: a. In December 2021, the company makes $75,000 cash sales, besides of sales on account mentioned above. b. Cash Purchases of inventory are expected to total $40,000 during December 2021, besides of purchase on account mentioned above. c. In December 31, ending inventory balance is budgeted at $50,000. d. Selling and administrative expenses for December are budgeted at $76,000, excluding depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,000 for the month. e. The note payable on the November 31 balance sheet will be paid during December, with $500 in interest. (All of the interest relates to December) f. New equipment costing $9000 will be purchased for cash during April. g. During December 2021, the company will borrow $25,000 from its bank by giving a new note payable to the bank for that amount. The note payable will be due in one year. Required: 1. Prepare a summary of cash collections for Q4 2021 (October - December) 2. Prepare a summary of cash disbursements for Q4 2021 (October - December)