Silver Titan's company has projected sales for the first seven months of 2021 are given below: Month January February March April May June July Amount $250,000 $340,000 $280,000 $300,000 $350,000 $380,000 $300,000 Monthly salary is $35,000 per month. Total other cash expenses are $90,000/month. The company's cash balance as of March 31, 2021, will be $30,000. Excess cash will be used to retire short-term borrowing (if any). Cost of goods sold is 50% of sales. Purchases and payments are made in the month prior to the sales. Silver Titan's company has no short-term borrowing as of March 31, 2021. Short term loan can be obtained in the end of each month at 12% annual interest with interest paid in the following month for which the loan is outstanding. 30% of sales are collected in cash at time of sale, 50% are collected in the month following the sale, and the remaining 20% are collected in the second month following the sale. Silver Titan's company must have a minimum cash balance of $25,000 at the beginning of each month. Silver Titan's company plans to buy an equipment worth $20,000 in the month of May 2021. Prepare the cash budget for the second quarter of 2021.