Problem 8 (18 marks) Other information: Bellerose Used Cars Ltd. is planning its cash needs for the month of January, 2023. The 8. Interest is paid monthly on opening balances of the operating loan and non-current debt. Interest rate per month: 9. Income tax rate 10. Monthly repayments of principal on non-current debt $10,000 11. Desired cash balance at end of January. $40,000 12. Maximum operating loan balance at end of January $600,000 Any excess cash will be used to pay down the operating loan. A larger operating loan will be borrowed to offset any cash deficiency. Required: a. (12 marks) Using the budget worksheet on the following page, record the above information. Assume that all 2022 income taxes have been paid prior to January 1, 2023. b. ( 6 marks) Prepare a budgeted statement of financial position at January 31,2023 and a budgeted income statement, budgeted statement of changes in equity, and budgeted statement of cash flows for the month ended January 31, 2023. Show all calculations. For SCF purposes, assume the operating loan is not part of cash and cash equivalents