Question # The city council had an amount of US $ 2400 in the bank account as at January 1 as well as an amount of US $ 0 in the cash drawer of the treasurer of the city council. The outlook for the following three months starting January 1" with regards to expected revenues and expenses are summarized in the following schedule: A. Expected Revenues 1. Property taxes The city council is expecting to receive the Property taxes of $ 40000 in Five equal installments: 1. First in January 2. Second in March. 3. The third in May. 4. The fourth in June. 5. The Fifth in July, 2. Sales taxes Revenue from Sales taxes amounting are allocated based on a percentage basis 30 % from Property taxes, is expected to be received in March. 3. Fixed assets sales Fixed assets sales amounting to $ 6000 is expected to be received in March. 4. License fees License fees amounting to $4000 is expected to be received in January B. Expected Expenses 1. Personal services Personal services amounting to $ 30000 are allocated based on a percentage basis as follows: 1. 20 % in January 2. 30% in March. 3. 50 % In June. 2. Operating expenses Operating expenses are allocated based on a percentage basis 40 % from License fees, is expected payment in January. You are required to prepare the city council, cash forecast (first quarter, 2022) projections for the three month period as anote the minimum cash balance is $10000