$ $ Monthly Exp en se type: Salaries 150,000 Accounts Payable: 294,000 50.000 Loan: 689,800 Advertising and promotion Depreciation 60,000 Opening Inventory 325,000 Sales commission 2% of total sales Receipts: From Customer Jan $1,760,000.00 Feb $1,936,000.00 Marc $2,129,600.00 Total $7,425,600.00 Payment: To supplier $779,100.00 $857,010.00 $928,735.50 $2,564,845.50 1. Equipment is to be purchased on January 1, 2020 for cash in the amount of $800,000. The directors have indicated an intention to declare and pay dividends of $110,000 on the last day of the quarter. The executives believe that the company should maintain a minimum cash balance of $50,000. If the cash balance in any month is less than $50,000, then the company can borrow to cover the shortfall. Amounts borrowed must be in multiples of $1,000 (for example, $50,000 or $51,000 but not $51,500 or 51,566). The interest rate is 10% per annum. Repayment of principal and interest, if any, must be made on the last day of the quarter. Cash budget for the period? SHOW WORKING OUT Accounts Payable Loan: 294,000 689,800 $ Monthly Expm se type Sala Advertise and promotion Depreciation s 150,000 50,000 Opening Inventory: 350,000.00 50,000 Salomon Receipts Jan Feh Mar Total From Customers $1.760,000.00 $1,936,000.00 $2,129.600.00 $7,425,600,00 Payments To Suppliers $779.100.00 $857,010,00 $928.73530 $2,564,845 50 1. Equipment to be purchased on January 1, 2020 for cash in the amount of $800,000. The directors have indicated an intention to declare and pay dindend of $110.000 the last day of the anterThe executivet believe that the company should maintain a minimum cash balance of $50,000. If the cathe balance in any meathin lent than $50,000, then the company can borrow to cover the shortfall amount borrowed must be in multiples of $1.000 (for example, 550,000 or $91.000 bat bot $51.500 51.566) The interest rate 10% per som Repayment principal and interest if my must be made on the last day of the quarter Cath budget for the pened? Please show working out