The president of the retailer Prime Pioducts has just approached the company's bank with a request for a \$69,000, 90-day loan. The puppose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are avaliable for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $22,200. Accounts receivable on Aprill 1 will total $176,400, of which $151,200 will be collected duting April and $20,160 will be collected during May. The remainder will be uncollectible b. Post experience shows that 30% of a month's sales are collected in the month of sale; 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the threemonth period foilow: C. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in Apni, total $180.500 d. In preparing the cash budget, assume that the $69,000 loan wili be made in April and repaid in June. Interest on the loan will total 51,040 Required: 1. Calculate the expected cash collections for Apil, May, and June, and for the three months in total, 2. Prepare a cash budget, by month and in total, for the three-month period. Answer is not complete. Complete this question by entering your answers in the tabs helow. Complete this question by entering your answers in the tabs below. Cakculate the expected cast cullections for April, May, and lune, and for the three months in total