Three: (10 points) ILO's B1, B3, C1 The accountant of Ahlia Corporation collected the following expected data for the next year 2021: 1. Expected sales are: Statements Cash Sales First half of the next Second half of the next year 25,000 year 40,000 2. The expected purchases are: Statements Credit Purchases First half of the next year Second half of the next 10,000 year 14,000 3. The company paid 80% of the credit purchases in the same half of the year and 20% in the next half of the year. The credit purchases of the second half of the previous year are $10,000 4. The Company expect to purchase an equipment with useful life of 5 years, cost 30,000 in April. 5. The company has a loan of $200,000 with interest rate of 10% paid semiannually in 30/06 and 31/12. 6. The company expects to buy a land in June that will cost $25,000; $20,000 cash and $5,000 will be paid in the next month. 7. The company receives $500 as interest revenue of its investments at the end of each month. 8. Semiannually rent expense is $3000. 9. The company expects to sell a building of its own in May 2020 in a value of $30,000. 10. The beginning cash balance of the company on 1st of January is $20,000. Page 3 of 4 Accounting and Economics Department 13. The company's policy states to have cash balance at the end of each quarter not less than $10,000. The shortage of cash will be financed by borrowing from the Bahrain Bank. Prepare the cash budget