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The Doley Company has planned the following sales for the next three months: Jan Feb Mar Budgeted sales $40,000 $70,000 $50,000 Sales are made 15% for cash and 85% on account. Sales are collected according to the following pattern: Month of sale 55% First month following sale 35% I Second month following sale 7% Uncollectable 3% The company requires a minimum cash balance of $5,000. The beginning cash balance in March is budgeted to be $6,000. The company requires a minimum cash balance of $5,000. The beginning cash balance in March is budgeted to be $6,000. The following additional information has been provided for March: Inventory purchases (all paid in March) $32,000 Operating expenses (all paid in March) $30,000 All other expenses (all paid in March) $5,000 Dividends paid in March $5,000 Machine (purchased and paid for in March) $15,000 Depreciation expense for March (not included above) $7,000 The company can borrow and will not pay interest until April if they do. The interest rate on borrowing is 6% per year. Hand write your solution and submit a picture for grading. Please include your name and student number on the page. Hand write your solution and submit a picture for grading. Please include your name and student number on the page. I Required: a) Compute the budgeted cash receipts for March. (5 marks) b) Complete the cash budget for the month of March, including the amount of borrowing required, if any