Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $276,000 for May. Of these sales, $82,800 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the April 30 accounts recelvable will be collected in May. b. Purchases of inventory are expected to total $147.000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $43,000. d. Selling and administrative expenses for May are budgeted at \$97,500, exclusive of depreciation. These expensegwill be pald in cash. Depreciation is budgeted at $3,200 for the month. c. The May 31 inventory balance is budgeted at $43,000. d. Selling and administrative expenses for May are budgete. cash. Depreciation is budgeted at $3,200 for the month. $97,500, exclusive of depreciation, These expenses will be peid in e. The note payable on the April 30 balance sheet will be pail f. New refrigerating equipment costing $12,100 will be purchad during May, with $235 in interest. (All of the interest relates to May) 9. During May, the company will borrow $29.200 from purchased for cash during May. note will be due in one year. Requiredt 1-a. Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandis purchases. 1-b. Prepare a cash budget for May, (Cash deficlency, repayments and interest should be indicated by a minus sign.) 2. Prepare a budgeted income statement for May. 3. Prepare a budgeted balance sheet as of May 31