The president of Vacuity, Inc, has just approached the company's bank seeking short-term financing for the coming year, Year 2. Vacuity is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made To provide this information for the bank, the president has directed that the following data be gathered from which a cash budget can be prepared: a. Budgeted sales and merchandise purchases for Year 2, as well as actual sales and purchases for the last quarter of Year 1, are as follows Merchandise SalesPurchases Year 1 250,000$150,000 Fourth quarter actual First quarter estimated Third quarter estimated Year 2 $350,000$230,000 Second quarter estimated $450 000 $280 000 S550,000$340 000 Fourth quarter estimated$430 000 $210.000