This exercise is worth 9 points. E Company's cash balance on February 28 is $215,000. It had $80,000 of cash sales and $820,000 of credit sales for February. It expects $125,000 of cash sales and $750,000 of credit sales for March. The business has found that 40% of credit sales are collected in the month of sale and the other 60% are collected in the month after sale. E Company also had purchased inventory totaling $170,000 in February and expects to purchase $110,000 of inventory in March. The business has found that 80% of purchased inventory is paid for in the month of purchase and the other 20% in the month following purchase. Salaries and wages to be paid in March will be $640,000. Depreciation on equipment for March will be $104,000. Other cash expenses will be $140,000 for March. The firm must repay a short-term loan during March of $90,000 which includes interest. REQUIRED: prepare a cash budget for March. Label all figures