The North Manufacturing Company expects to start January 1, 2024, with a cash balance of $65,000. Additional information for the cash budget covering 2024 by quarters is as follows: Cash collections from customers: $200,000 in quarter 1, $240,000 in quarter 2, $300,000 in quarter 3, and $390,000 in quarter 4. Payments for purchases of direct materials: $94,000 in quarter 1, $110,000 in quarter 2, $125,000 in quarter3, and $135,000 in quarter 4. Payments for direct labor: $72,000 in quarter 1, $90,000 in quarter 2, 115,000 in quarter 3, and $130,000 in quarter 4. Manufacturing overhead (includes depreciation of $10,000): $45,000 in quarters 1 and 2, $50,000 in quarter 3, and $55,000 in quarter 4. Paid in the period incurred (except depreciation). Selling and administrative expenses (excludes depreciation): $14,000 in quarter 1, $15,000 in quarter 3, $25,000 in quarter 3 and $16,000 in quarter 4. Selling and administrative expenses are paid in the same period as incurred. The company paid cash dividends of $30,000 to shareholders in quarter 2. The company will purchase and pay for a new computer system in the fourth quarter $20,000. The company received $15,000 from the sale of retired equipment in quarter 2. The company has a line of credit at a financial institution that enables it to borrow up to $50,000. The company will borrow money at the beginning of a period when it needs money and repays borrowed money with accumulated interest at the end of the period when it has cash in excess of its minimum desired balance of $50,000. The annual interest rate on borrowed money is 9%. Required: 1. Prepare the cash budget for the North Manufacturing for 2024. Show each quarter in a column, totals for the 4 quarters together are also required. Make sure you have a complete and accurate heading and use the appropriate labels. 2. Identify the cash balance that would be on the balance sheet as of December 31, 2024.