Part A: 20 marks Please use the following information to create a quarterly cash budget in proper form. As part of your analysis, assume a minimum cash balance of $35,000. Any shortfall in cash must be addressed using a loan. Assume an interest rate of 1.5% each quarter. Interest in the current quarter should be calculated using the ending balance from the previous quarter. The Company will use any excess cash to repay the loan in full in order to avoid unnecessary interest charges. Other information: Other costs noted in the table above includes depreciation expense of $30,000 per quarter Previnuc vear data. Assume the income tax expense calculated using the prior year data is equal to the amount payable in the current year. Furthermore, the amount payable in the first quarter should be $50,000 with the remainder evenly distributed across the next three quarters ( Q2, Q3 and Q4). Please use the information below to calculate the Collections from customers for Q3 (Jul to Sep) Note: Collection is 50% of credit sales the month after the sale and the remaining 50% two months after the sale