Michelle Walker, Sunland & Anthony Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. January $258,000 February $262,000 March $286,000 Quarter $806,000 Budgeted purchase cost The company makes all of its direct materials purchases on account. Michelle's recent review of the company's payment history revealed that the company pays for 25% of its direct materials purchases in the month of purchase and 75% in the month following purchase. The company expects to have an accounts payable balance of $18,000 on January 1, and this amount represents the remaining payables from December's direct materials purchases. Prepare Sunland & Anthony's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter O.) Prepare Sunland & Anthony's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter O.) Cash Payments Budget Tota Payr January February March December A/P $ $ $ $ January purchases February purchases March purchases Total $ $ $ $ Calculate the accounts payable balance at the end of first Quarter. Accounts Payable balance $