Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance $37,500 Required minimum cash balance 31,250 Payment of income taxes (2nd quarter) 5,000 Professional salaries: 1st quarter 175,000 2nd quarter 175,000 Interest from investments (2nd quarter) 8,750 Overhead costs: 1st quarter 2nd quarter 96,250 125,000 Selling and administrative costs, including $2,500 depreciation: 1st quarter 62,500 2nd quarter 87,500 Purchase of equipment (2nd quarter) 62,500 Sale of equipment (1st quarter) 15,000 Collections from clients: 1st quarter 2nd quarter Interest payments (2nd quarter) 293,750 475,000 250 Prepare a cash budget for each of the first two quarters of 2020.