Q3) Microsoft Corporation is attempting to determine its cash needs for the first three months of 2006. Selected information is as follows: Sales Purchases S.G, &A Cash balance Actual Figures2005 Oct Nov Dec $500 $600 $650 520 580 580 100 100 10 Estimated 2006 Jan Feb Mar $700 $750 $800 620 630 660 100 100 100 100 Other information: 50% of sales are on a cash basis, of the remaining 50% half is collected in the following month and the other half two months later. All purchases are paid for in the following month. Selling, general, and administrative (S, G, & A) costs are fixed, and are paid as incurred. Dividends payable in February are $20. Interest payment is due in March of $50. Minimum cash balance required is $10.- Required: Prepare a cash budget showing the additional external financing, if any, which Microsoft will require at the beginning of January to ensure that the company has enough cash to maintain its minimum required cash balance of $10 for all three months of the first quarter of 2006. Assume any external financing is only secured once at the beginning of January for the entire quarter. [Type your answer here or write it on a separate page]