On September 30, 2017, the Parker Corporation had a balance of $50,500 in its cash account Actual sales August September 180,000 200,000 Budgeted sales: October November $195,000 210,000 10% of each month's sales are cash sales. Of the remaining credit sales, collections are 70% in the month of the sale and 25% in the following month. The remaining 5% is uncollectible. Inventory costs average 75% of sales le October sales will require $146.500 of inventory and November sales wrequire $157,500 of inventory * NOnthly purchases of inventory are budgeted at 100% of next month's proiected inventory nee s. Thirty percent of the purchases are paid for in the month of purchase, with the remaining 70% paid in the month following purchase. Inventory purchasesin September totaled $117000 e Selling and administrative expenses are $50.000 per month. Of this amount, $12,000 is depreciation. The company plans to purchase a new piece of production equipment costing $50,000 at the end of October. It will also sell a parcel of unused land for $10,000 during October All obligations, except inventory purchases, are paid in the month incurred Parker desires a minimum cash balance of $50,000. Short-term borrowing in increments of $1,000 is available to cover any shortfalls Borrowings are made at the beginning of the month and repayments are at the end of the month. Interest is 18% per year, and interest payments must be made whenever there is a principal repayment Dividends of $10,000 were declared in September and will be paid in October REQUIRED Prepare a cash budget for October, consisting of cash receipts, disbursements and any borrowing/repayment, such that the minimum cash balance is not less than $50,000. If an amount is O, you must enter 0. ENTER ALL AMOUNTS IN WHOLE DOLLARS