Question 2 (10 marks) Shanghai Enterprises has asked for your assistance in preparing a cash budget for the month of December 2020 and has provided projected sales revenue data below: Projected sales: October 2020 $144,000 November 2020 $205,000 $220,000 December 2020 All sales are on credit with 65% collected during the month of sale, 18% collected during the month following the sale, 15% during the second month after the sale and 2% uncollectable. Required: a) Prepare the cash receipts section of a cash budget for Shanghai Enterprises for the month of December 2020. (5 marks) b) Explain how Shanghai Enterprises would go about constructing a cash budget for the first three months of 2021. Note that Shanghai plans to purchase a major piece of equipment costing $500,000 in February 2021