XYZ Company has provided the following information for the month of January: Sales $250,000 Costs of goods sold $150,000 Cash collections from customers anticipated in January $200,000 Inventory purchases to be paid in January $108,400 Expected January cash payments for selling and administrative expenses $45,200 Cash dividends declared in January and to be paid in February $36,000 January depreciation expense $19,200 Interest income to be received in January from investments $8,400 Production equipment purchase 70% of which will be paid in January and the balance will be paid in February $132,000 January 1, cash balance $112,000 Prepare a cash budget for January