Medina Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the mast budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance $ 30,000 Required minimum cash balance 20,000 Payment of income taxes (2nd quarter) 4.000 Professional salaries: 1st quarter 140,000 2nd quarter 140,000 Interest from investments (2nd quarter) 5,000 Overhead costs: 1st quarter 95,000 2nd quarter 120,000 Selling and administrative costs, including $3,000 depreciation: 1" quarter 50,000 2nd quarter 70,000 Purchase of equipment (2nd quarter) 50,000 Sale of equipment (1st quarter) 15,000 Collections from clients: 1" quarter 245,000 2nd quarter 390,000 Interest payments (2nd quarter) 300 Instructions: Prepare a cash budget for each of the first two quarters of 2020