Simmonds International Ltd utilizes cash budgeting to show the financial implications of the use of the company's financial resources. At the beginning of October 2016, the company had a credit balance at the bank amounting to $3,740,000. The following information was extracted from the company's records: (1) The table below provides information on budgeted purchases for the periods indicated: Budgeted Purchases 2016 $ July 3,000,000 August 2,500,000 September 2,800,000 October 1,900,000 November 2,400,000 December 2,700,000 The company's records indicated that 80% of the company's purchases were for cash; and 20% was paid for two months after purchase. (2) Taxation for the third quarter of 2016 amounting to $800,000 was due in the first month of the last quarter in 2016. (3) In September 2016, the company bought a machine for $5,500,000. The agreement with the supplier was that a down payment of $1,000,000 would be made in September 2016 and the balance paid off in equal amounts over the next three months. (4) Insurance claim of $5,100,000 for a vehicle written off in an accident was to be received equally over the three months of the last quarter in 2016. (5) Due to cash limitations, the company planned to liquidate investments worth $4,000,000 in November 2016 and $2,000,000 in December 2016. Dividends of $3,000,000 will be distributed to shareholders in November 2016. (6) As a result of planned expansion, the company will pay $2,500,000 in October 2016 for a plot of land next door. (7) In October 2016, the company sold a motor vehicle for $600,000 to one of its staff members while $480,000 written off as bad debt in January 2016, was recovered in the first month of the last quarter in 2016. Rental income amounting to $3,000,000 was budgeted for financial year 2016. (8) Operating expenses amounted to $8,400,000 was budgeted for financial year 2016. Included in this figure was annual depreciation of $1,200,000. (9) Salesmen are paid 5% of sales collection each month. Miscellaneous expenses amounting to $1,500,000 annually was not included in the operating expenses budget. (10) Records from the company's books revealed that 50% of sales are for cash; 30% is received one month later; and the balance one month later. The following table provides information on budgeted sales for the periods indicated: Budgeted Sales 2016 July August September October November December $ 4,000,000 2,800,000 3,500,000 2,600,000 2,900,000 3,900,000 Required: (a) A cash collection summary from sales showing cash and credit collections separately for the last quarter of 2016. (5 marks) (b) A payment summary for purchases showing cash purchases and credit purchases separately for the last quarter of 2016. (5 marks) (c) A cash budget for the final quarter of 2016. Clearly show amounts for cash sales, credit sales, cash purchases, credit purchases and totals. (30 marks)