The following information is available for several months of the current year $ Month May June July August Cash Expenses Sales Purchases Paid 99, cee $ 61,000 $ 21,000 122,000 87,000 28,500 130, eee 114,000 33,250 133, eee 79,000 39,800 The majority of Martin's sales (75 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 25 percent are collected in the month of sale and 75 percent are collected in the following month All of Martin's purchases are on account with 55 percent paid in the month of purchase and 45 percent paid the following month w Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August