The ACME Toy Company has projected sales as follows: Sales July August September Octb November Decemb Jnuary $75,000 80,000 75,000 90,000 95,000 95,00085,000 Other information: I ACME collects 50% of its sales in the month of the sale, 30% n the second month 15% in the third month and 5% in the fourth month. 2, ACME purchases and pays for raw materials one month in advance of its sales. The purchases are 65% of sales. 3. ACME pays 3% sales tax on its sales one month after the sale. 4. ACME pays $11,000 rent each month for its factory. 5. ACME pays $6,000 other costs each month 6. A tax prepayment of $40,000 is due in October. 7. ACME has a line of credit with it's local bank for $500,000 at 12% interest, and must maintain a bank balance of $10,000 8. At September 30th, it had borrowed $35,000 on its LOC, and had a bank balance of $15,000 a. Prepare a cash budget for the last quarter of the year (October - December) b. Will the ACME have its LOC paid off by 12/31