Minden Company is a wholesale distributor of premlum European chocolates. The company's balance sheet on April 30 is as foliow5: 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 $260,000 for May. Or these sales; $78,000 will be for cash, the remainder will bo credit sales One-halt of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of. the Apill 30 recelvables will be collected in May, b. Purchases of inventory are expected to total $156,000 during May. These purchases wit all be on account 308 of ail purchases are poid for in the month of purchase, the remainder are paid in the following month. All of the Apcil 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $52.000. d. Operating expenses for May are budgeted at $93.600, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2.600 for the month e. The note payable on the Apni 30 balance sheet will be pald during May, with $70 in interest. (All of the interest relates to Mayd) I New refigerating equipment costing $7,100 will be purchased for cash duting May. Q. During May the comipany will boriow $26.000 from its bank by giving a new note payable to the bank for thet amount The new note wal be due in one year. Required: 1. Prepare a cash budget for May. (Any "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