Piepkorn Manufacturing Working Capital Management: The company currently has a cash balance of $154,000and plans to purchase a new box folding machine in the fourth quarter at 325,000. The purchase of the machinery will be made with cash because of the discount offered. The company's policy is to maintain a target cash balance of 100,000. All sales are in cash and all purchases are made in credit. Projections of the gross sales for the next 4 quarters are: Q1: 863500; Q2: 918500; Q3: 996000 Q4: 924000 and sales for the first quarter of the following year is: 908000. Piepkorn typically orders 50 percent of the next quarter's projected gross sales in the current quarter, and suppliers are typically paid in 53 days. Wages, taxes, and other costs run about 30 percent of gross sales. The company has a quarterly interest payment of 115,000on its long-term debt. The company uses a local bank for its short-term financial needs. It pays 1.5 percent per quarter on all short term borrowing and maintains a money-Beginning cash balance, net cash inflow, ending cash balance, minimum cash balance, and cumulative surplus(deficit). Prepare a short-term financial plan including: target-cash balance, net cash inflow,new short-term investments, income from short-term investments, short term investments sold, new short term borrowing, interest on short-term borrowing, short term borrowing repaid, ending cash balance, minimum cash balance, cumulative surplus(deficit), beginning short-term investments, ending short-term investments, beginning short-term debt and ending short-term debt.