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Project Activities: Create the following budgets for each quarter in the year with the data provided below. Each budget will show results for each quarter and a total for the year. 1. Sales budget 2. Cash collections budget 3. Cash budget Master Budget Data 1) The budgeted unit sales are 500 units, 700 units, 800 units, and 1,000 units for quarters 1-4, respectively. The budgeted selling price for the year is $50 per unit. 2) All sales are on credit. 50% percent of all credit sales are collected in the quarter of the sale, 35% are collected in the next quarter, and the remainder is collected in the quarter after. The following data is provided to complete the cash collections budget: a. Q1 cash collection from prior year Q4 sales: $9,000 2) All sales are on credit. 50% percent of all credit sales are collected in the quarter of the sale, 35% are collected in the next quarter, and the remainder is collected in the quarter after. The following data is provided to complete the cash collections budget: a. Q1 cash collection from prior year Q4 sales: $9,000 b. Q1 cash collection from prior year Q3 sales: $2,000 c. Q2 cash collection from prior year Q4 sale $1,000 3) The company plans to maintain a minimum cash balance at the end of each quarter of $60,000. If the cash balance is below $60,000, the company will borrow money from the bank to arrive at a $60,000 balance. All borrowings take place on the first day of the quarter and have a 12-month maturity, an interest rate of 2.5% per quarter, and interest paid quarterly. The following data is provided to complete the cash budget: a. Beginning cash balance: $70,000 b. Q1 cash disbursement: $26,000 c. Q2 cash disbursement: $41,250 d. Q3 cash disbursement: $34,000 e. Q4 cash disbursement: $38,000