The balance sheet of Stament Company on December $31,2021,$ is as follows:

Cash $$25,600$

Accounts receivable $($net of allowance for doubtful accounts of $$6,400)121,600$

Inventory $51,200$

Fixed assets $($net of accumulated amortization of $$192,000)128,000$

Total assets $$326,400$

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Accounts payable $($for inventory purchases$)$ $$264,000$

Common shares $40,000$

Retained earnings $22,400$

Total liabilities and shareholders$$ equity $$326,400$

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Projected sales are $$352,000$ for January and $$384,000$ for February. The gross profit percentage is $25$

percent. Cash collections for accounts receivable are estimated to be $50$ percent during the month of sale,

and $48$ percent during the following month. The remaining $2$ percent are uncollectible. Purchases of

inventory each month are $75$ percent of the next month$$s projected sales and are paid in full during the

following month. Amortization is $$16,000$ per month. Other expenses, $$52,800$ per month, are paid in cash

during the month in which they are incurred.

Required: Prepare a cash budget and budgeted income statement for January $2022.$