Matthew Young, Sheffield & Gary Fabricators' budget director, has received budget information from several managers and is preparing the company's cash budget. January February March Quarter Collections from sales 476,200 560,860 639,720 1,676,780 Payments for direct materials 80,505 253,125 280,730 614,360 98,640 103,680 116,640 318,960 Payments for direct labor Payments for manufacturing overheads 78,490 78.980 80,240 237,710 Payments for Selling & administrative expenses 111,400 116.440 123,160 351,000 In addition to the information he received from these managers, Matthew knows the following: Sheffield & Gary plans to have $ 32.400 in its cash account on January 1. . Sheffield & Gary plans to purchase and pay cash for a piece of land in January at a cost of $ 87,000. & a $ . Sheffield & Gary plans to make a cash purchase of equipment in March at a cost of $30,000. & a Sheffield & Gary's income taxes from last quarter totaling $ 26,400 will be paid in January Sheffield & Gary is required to maintain a minimum cash balance of $50,000 in its account at First National Bank Sheffield & Gary has negotiated with the First National Bank to provide a $ 175,000 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 6%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Sheffield & Hill's cash budget for the first quarter. (Round answers to decimal places, eg, 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (451) January February March Quarter Begionach noc $ 32400 $ $ 90.63 $ $ 32400 Collection frantsikes 4322 1676760 Tocal valable to spend 50360 611023 1709180 Di Montero v 28-190 371 Land and Entent purdis 8700 30000 117000 Circle 10341 116640 3129 . NET Selincs administrative perses 111430 116400 123160 353000 Payments for direct materials 80603 25312 200730 614350 Txalash disbursements 482435 | 552223 630770 1655430 Cachos del ency 25.53 | 58800 23750 Mash 5000 50020 50000 50000 Chi cc Bi 11:ed i 23535 2800 0550 4250 | Finding Borrowie 24000 24000 Res 8000 9000 Interest 240 123 Total de 24000 Inding rahlo 11145 513