PT Suar is a merchandising company. The company's statement of financial position of May 31, i given below: Assets Cash $ 28,000 Accounts Receivable 24,000 Inventory 37,000 Fixed Assets, net of depreciation $ 240,000 Total Assets $ 329,000 Liabilities & Stockholder's Equity Accounts Payable Note Payable Common Stock Retained Earnings Total Liabilities & SH Equity $ 71,000 20,000 157,000 80,500 $329,000 A. Sales are budgeted $ 320,000 for June, and $300,000 for July. Usually 25% of sales are cash sales, the remainder are credit sales. B. Credit sales collection pattern is: 30% will be collected in the month of sales, 50% will be collected in the following month, and 20% of sales will be collected in two month following the sale. C. Cost of Goods Sold is 65% of total sales. Beginning Inventory + Purchases of Inventory - Ending Inventory = Cost of goods sold. D. Ending Inventory is budgeted 10% of next month sales. E. Purchases of Inventory will be on account, and 40% will be paid in the month of purchase. The remainder will be paid in the following month. F. All of the accounts payable balance on May 31, will be paid during June. G. June's sales and administrative expenses are $62,000 including $13,600 depreciation expense each month. H. The company issued and paid dividends in June $8,700 I. Minimum cash balance at the end of each month $7,000, J. Interest expense to be paid in June is $ 220. K. In case of cash deficiency, the company will borrow funds at the beginning of each month, and the repayment will be at the end of next surplus month. Additional Notes Payables will be issued in June to cover cash balance. Requirement: 1. Prepare Cash Collection Schedule and Cash Disbursements Schedule for June