Sunland Corporation is projecting a cash balance of $32,400 in its December 31, 2019, balance sheet. Sunland's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $199,800. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $46,440. Other information gathered for the first quarter of 2020 is sale of equipment $3,240; direct labor $75,600, manufacturing overhead $37,800, selling and administrative expenses $48,600; and purchase of securities $15,120. Sunland wants to maintain a balance of at least $27,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. Beginning Cash Balance SUNLAND CORPORATION Cash Budget For the Quarter Ended March 31, 2020 Add Receipts Collections from Customers Sale of Equipment Total Receipts Total Available Cash Less : Disbursements Manufacturing Overhead Selling and Administrative Expenses Purchase of Securities Direct Materials Direct Labor Total Disbursements Excess of Available Cash Over Cash Disbursements Financing Add : Borrowings Less : Repayments Ending Cash Balance $ i