Walter Company has the following information for the month of March:

Cash balance, March 1 $ 18,120

Collections from customers 42,500

Paid to suppliers 23,500

Manufacturing overhead 7,300

Direct labor 8,850

Selling and administrative expenses 5,400

Walter pays all expenses in the month incurred. Manufacturing overhead includes $1,800 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $8,200 during March. Walter can borrow in increments of $1,000 and would like to maintain a minimum cash balance of $12,000.

Required: Prepare Walters cash budget for the month of March.