Question II: A. Fofoyaya Corporation is about to start operation on December 1, 2016. The Corporation has asked you as the controller/Treasurer to prepare the budgeted Income statement for the month of December based on the following assumption: 1. December sales are estimated at $300,000.00 of which 30% and 67% will be collected during the month of sales and the following month respectively. The remaining 3% is noted as bad debt. 2. Purchases are estimated at $200,000.00 of which 80% will be paid on the month of purchased and the other 20% will be paid the following month 3. The gross profit margin is estimated to be 40% of Sales 4. The company estimated fixed selling and administrative expenses to be 10% of Sales of which 60% is paid in the month of the expense and 40% the following month. The account does not include any depreciation amount. 5. The company debt service is estimated to be $7,000.00 of which $2,500.00 represents interest expense and the remainder is the principle payment. No payment is made on the interest expense during the month of December 6. The company estimated tax rate is 35%. 7. The company estimated depreciation to be $4,000.00 B. What is the total cash payment that Fofoyaya Corporation will make for December 31, 2016? C. What is the total cash receipt that Fofoyaya Corporation will post to their cash account for December