Question 1 (7 points) Garner Company has budgeted merchandise purchases for the next three months as follows Sales October $80,000 November 90,000 December 60.000 Purchases are made 15% for cash and the remaining on account. Garner plans to pay 30% of credit purchases during the month of purchase and the remaining amount in the following month Required: 1. Calculate the budgeted cash payments for December (5 marks) 2. Calculate the budgeted balance in Accounts Payable on December 31. (2 marks)