The Comet Ltd budgeted profit and loss statement disclose the followings: Sales Purchases Expenses April $294,000 $133,000 $51,800 May $441,000 $175,000 $58,800 June $392,000 $156,800 $56,000 (a)Sales are collected 70% in the month of sale, 20% in the following month of sale and 10% in the second following month of sale. No bad debts. (b)Comet pays purchases 60% in the month of sale and 40% in the following month of sale. (c)On 1 April, the accounts receivable balance was $252,000 to be collected $168,000 in April and the reminder in May. (d)Comet had $56000 accounts payable on 1 April. (e)Cash balance 1 April was $74200. (f)The expenses are paid for in the month incurred and included $9800 depreciation expense. Required: 1- Prepare a cash budget from April to June. (9 Marks) 2- Will Comet Ltd have enough cash to buy a piece of equipment in July with the price of $600,000. (1 mark)