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Elon Co's September balance sheet contains the following information: Management has designated $65,000 as the firm's minimum monthly cash balance. Other information about the firm and its operations is as follows: a. Sales revenues of $656,000,$777,000, and $576,000 are expected for October, November, and December, respectively. All goods are sold on account. b. The collection pattern for accounts receivable is 60% in the month of saie, 39% in the month following the month of sale, and 1% uncollectible, which is set up as an allowance. c. Cost of goods sold is 60% of sales revenues d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold e. All accounts payable for inventory are paid in the month of purchase. f. Other monthly expenses are $87,200, which includes $6,050 of depreciation and 77,450 of bad debt expense. 9 . In the event of a shortfall, the company borrows money. In contrast, in the event of excess cash, the company invests in short-term investments. Borrowings and investments are assumed to be made at the end of a month in increments of $10,800. h. Interest on borrowings is 10% per year, payable every quarter, on the accumulated amount of the loan; similarly. Interest earned on investments is 8% per year on the accumulated investments and is received every quarter. Investments can be matured and the principal amount redeemed in June or December of a year. Required: 2. Prepare the cash budgets for October and November, including the effects of financing (borrowing or investing). Interest is earned or paid quarterly. (Any "Repayments" and "Interest" should be indicoted by o minus sign. Leave no cells blank - be certoin to enter " 0 " wherever required.)