Question 6: 20 points Magbruka Corporation is about to start operation on January 1, 2021. The following information are available. 1. January sales are estimated at $700,000.00. The company normally collects 70% sales during the month and 28% the following month. The remaining 2% is noted as bad debt. The company ending accounting Receivable in January is 100,000.00. 2. Purchases are estimated at $300,000.00 of which 60% will be paid on the month of purchased and the other 40% will be paid the following month 3. The gross profit margin is estimated to be 35% of Sales 4. The company estimated fixed selling and administrative expenses to be 5% of Sales of which 70% is paid in the month of the expense and 30% the following month. The account does not include any depreciation amount 5. The company debt service is estimated to be $20,000.00 of which $5,000.00 represents interest expense and the remainder is the principle payment. 80% payment is made on the interest expense during the month of January 6. The company estimated tax rate is 30%. 7. The company estimated depreciation to be $6,000.00 A. The Corporation has asked you as the controller/Treasurer to prepare the budgeted Income statement for the month of January based on the following assumption above. B. What is the total cash payment that Magbruka Corporation will make for January 31, 2021? c. What is the total cash receipt that Magbrukn Corporation will post to their cash account for January