Mmmm... Mmmm...Good Corporation is interested in preparing a quarterly cash budget; as a recently hired junior cost accountant, you begrudgingly compile the following facts because you never wanted to be a cost accountant: The beginning cash balance on Jan 1, 20xx is $300,000. All sales are on account. The company's collection pattern on sales is 70% in the current quarter, and 30% in the following quarter. The accounts receivable balance on Dec 31 of $1,711,000 will be collected in the 1st quarter. The company's payment pattern on material purchases is 50% in the current quarter, and 50 % in the following quarter. The accounts payable balance (all of which pertains to material purchases) on Dec 31 of $904,000 will be paid in the first quarter. All other expenses, other than materials, are paid for in cash in the quarter in which they are budgeted. Depreciation, which is part of Mfg. Overhead, is $50.000 The company wants to maintain a $320,000 minimum cash balance at the end of each quarter. If needed, the company can borrow in increments of $1,000, up to $5,000,000. The interest is simple interest at 4% per quarter, it is paid when the loan principal is repaid. There are currently no outstanding loans. Finally, the Company Controller prepared the following budget summary by quarter: Qtr 1 Qur 4 Sales Q 2 59,913,714 51,019,134 51,432,000 57.767,580 $1.167.400 Material Purchases Direct Labor Wages Qtr 34 510,412,980 $3,316,666 $1,272,000 $2.199,924 $2.268.250 $400.000 $10,608,000 $4.254,800 $1,888,000 $3,265,296 $2.147.750 5725,000 $1,408,000 Mig Overhead 52.476,644 Non-Mfg Costs Income Taxes Required: $2,279,000 $400,000 52.435,136 $2.005.000 $400,000 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Sales $10,608,000 $10,412,980 $7,767,580 $9,913,714 $1,019,134 $4,254,800 $3,316,666 $1,167,400 Material Purchases Direct Labor Wages $1.888,000 $1,432,000 $1,408,000 Mfg. Overhead $2,435,136 $3,265,296 $2,147,750 $1,272,000 $2,199,924 $2,268,250 $400,000 $2,476,644 $2,279,000 $400,000 Non-Mfg. Costs $2,005,000 $400,000 Income Taxes $725,000 Required: Rounding all intermediate calculations to the nearest whole dollar, prepare a cash budget in proper format for the first quarter. Be sure to include details of borrowing, repayments, and interest as necessary