linden Company is a wholesale distributor of premum European chocolates. The company's balance sheet on April 30 is as follows: The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as follows: a. Sales are budgeted at $360,000 for May Of these sales, $108,000 will be for cash the remainder wil be credit sales. One-half of a monthis credit sales are collected in the month the sales are mode, and the remainder are collected in the following month. Al of the April 30 recelvables will be collected in May. b. Purchases of indentory are expected to total $216,000 during May. These purchases will all be on account 40% of all purchases are paid for in the manth of purchase, the remainder are paid in the following month. All of the April 30 accounts payable to suppliers wall be paid danng May. Purchases of inventory are expected to total $216.000 during May. These purchases will all be on account. 40% of all purchases are paid for in the month of purchase; the remainder are paid in the following month. Al of the Apri 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $72,000. d. Operating expenses for May are budgeted at $129,600, exclusive of depreciation These expenses will be paid in cash. Depreciation is budgeted at $3,600 for the month. e. The note payable on the Apit 30 balance sheet will be paid during May, with $120 in interest (All of the interest relates to May) 1. New refrigerating equipment costing $8100 wil be parchased for cash during May. 9. During May, the company will borrow $36,000 from its bank by giving a new note poyable to the bank for that amount. The new note will be due in one year. Required: Required: 1. Prepare a cash budget for May. (Any "Repoyments" and "Interest" should be indicoted by o minus sign) 2. Prepare a budgeted income staternent for May 2. Prepare a budgeted income statement for May. 3. Prepare a budgeted balance sheet as of May 31