The treasurer of Pepperton, Inc., a wholesale distributor of household appliances, wants to estimate his companys cash balances for the first three months of 2009. Using the information below, construct a monthly cash budget for Pepperton for January through March 2009. Does it appear from your results that the treasurer should be concerned about investing excess cash or looking for a bank loan? Pepperton Selected Information Sales (20 percent for cash, the rest on 30- day credit terms): 2008 Actual October $360,000 November 420,000 December 1,200,000 +++ 2009 Projected January $600,000 February 240,000 March 240,000 Purchases (all on 60- day terms): 2008 Actual October $510,000 November 540,000 December 1,200,000 2009 Projected January $300,000 February 120,000 March 120,000 Wages payable monthly $180,000 Principal payment on debt due in March 210,000 Interest due in March 90,000 Dividend payable in March 300,000 Taxes payable in February 180,000 Addition to accumulated depreciation in March 30,000 Cash balance on January 1, 2009 $300,000 Minimum desired cash balance 150,000