You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 will be $40,000. b. Actual sales for October and November and expected sales for December are as follows: Sales on account are collected over a three-month period in the following ratio: 18% collected in the month of sale, 62% collected in the month following sale, and 19% collected in the second month following sale. The remaining 1% are uncollectible. c. Purchases of inventory will total $281,000 for December. 30% of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $163,000, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $429,000 for December. Of this amount, $49,000 is for depreciation. These are paid in the period incurred. e. A new Web server for the Marketing Department costing $75,000 will be purchased for cash during December, and dividends totalling $8,800 will be paid during the month. f. The company must maintain a minimum cash balance of $19,000. An open line of credit is available from the company's bank to bolster the cash position, as needed. Required: 1. Prepare a schedule of expected cash collections for December. 2. Prepare a schedule of expected cash disbursements for materials during December to suppliers for inventory purchases. 3. Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month