Waterway Corporation is projecting a cash balance of $30,600 in its December 31, 2021, balance sheet. Waterway's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $188,700. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $43,860. Other information gathered for the first quarter of 2022 is sale of equipment $3,060; direct labor $71,400, manufacturing overhead $35,700, selling and administrative expenses $45,900; and purchase of securities $14,280. Waterway wants to maintain a balance of at least $25,500 cash at the end of each quarter. Prepare a cash budget for the first quarter.