The Maryland Regional Hospital is preparing a cash budget for March 2006. Management has collected the following information: a. The cash balance on February 29, 2016 is $ 40,000. b. Actual services provided in January and February and projected services for March are: Cash services Credit services January $ 60,000 $420,000 February $ 50,000 $520,000 March $ 70,000 $470,000 40 percent of credit services are collected in the month of service, and 60 percent are collected in the month following service. c. The hospital's actual purchases for February and its projected purchases for March are as follows: February March $ 65,000 Credit purchases $ 70,000 All accounts payable are paid in the month following the purchase. d. Salaries and wages paid in March will be $450,000. e. Depreciation on equipment used in the clinic for March will be $65,000. f. Other cash expenses for March will be $92,000. g. The company must maintain a minimum cash balance of $30,000. An open line of credit is available from the company's bank to bolster the cash position as needed. REQUIRED: 1. Prepare a schedule of expected cash collections for March 2016. 2. Prepare a cash budget for March 2016. Indicate in the financing section any borrowing that will be needed during the month