Shilow Company, a wholesale distributor, has been accumulating operating data in order to prepare an annual profit plan. They have determined that a minimum cash balance of $150,000 is required. Any required borrowings take place in increments of $1,000 with annual interest of 8%. Repayment of borrowed funds is also made in increments of $1,000. Assume that borrowings are made on the first day of the month in which the cash is required, and the repayments are made on the last day of a month in which cash is available. On March 1, the cash balance will be $320.000, Details regarding sales for the first six months of the year are as follows: January $1,200,000 February 1,300,000 March 1,400,000 Details regarding sales for the first six months of the year are as follows: January $1,200,000 1,300,000 February March April 1.400,000 1,250,000 1,440,000 1,600,000 May June Twenty percent (20%) of the above sales are cash sales and 80% are credit sales. Accounts receivable experience is 30% the month of the sale, 40% the month following and 25% the second month following the sale. The remaining receivables are deemed uncollectable for planning purposes. Accounts receivable experience is 30% the month of the sale, 40% the month following and 25% the second month following the sale. The remaining receivables are deemed uncollectable for planning purposes. Budgeted inventory purchases are as follows: January $480,000 February 520,000 March 560,000 April 500,000 Cummings Inc. pays 50% of their inventory purchases the month of the purchase and 50% the following month. Budgeted expenses for March and April are as follows: March April Advertising 72,000 60,000 Payroll 648,000 518,400 Depreciation 110,000 110,000 Insurance 120,000 Property taxes 80,000 A new truck was required to replace their aging truck. The new truck costing $40,000 was received in March and paid for in cash. They were successful in finding a buyer for their old truck in April and received $15,000 cash. Prepare a cash budget for Shilow Company for the months of March and April. Prepare separate schedules for cash receipts, cash disbursements, and the cash budget. Be sure to show any borrowings or line of credit repayments which would be made and which would allow the company to meet their minimum cash