The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods Current assets as of December 31 6,000 Cash 36,000 Accounts receivable 9,800 Inventory 110,885 Buildings and equipment, net 32,550 Accounts payable 100,000 Capital stock 30,135 Retained earnings a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows $60,000 December (actual) $68,500 January $76,000 February $85,500 March $73,000 April C. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. d. Each month's ending inventory should equal 20% of the following month's budgeted cost of goods sold e. Half of a month's inventory purchases is paid for in the month of purchase, the other half is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory f. Monthly expenses are as follows: commissions, $9,000; rent, $1,800; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $2,400 for the quarter and includes depreciation on new assets acquired during the quarter. g. Equipment will be acquired for cash: $3,300 in January and $9,500 in February h. Management would like to maintain a minimum cash balance of $5,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $50,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would as far as it is able, repay the loan plus accumulated interest at the end of the quarter Required Using the data above 1. Complete the following schedule