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 $39,000. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 62,000 400,000 November $ 66,000 527,000 December $ 82,280 596,000 Sales on account are collected over a three-month period in the following ratio: 18% collected in the month of sale, 60% collected in the month following sale, and 20% collected in the second month following sale. The remaining 2% are uncollectible. c. Purchases of inventory will total $278,000 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 $431,000 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 $74,000 will be purchased for cash during December, and dividends totalling $8,900 will be paid during the month. t. The company must maintain a minimum cash balance of $20,000. 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