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: Sales on account are collected over a three-month period in the following ratio: 16% collected in the month of sale, 59% collected in. the month following sale, and 21% collected in the second month following sale. The remaining 4% are uncollectible. c. Purchases of inventory will total $280,000 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 $160,000, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $431,000 for December. Or this amount, $52,000 is for depreciation. These are paid in the period incurred. e. A new Web server for the Marketing Department costing $78,000 will be purchased for cash during Decemiber, and dividends totalling $9,100 will be paid during the month. t. The company must maintain a minimum cash balance of $19,000. An open line of creait is avallable from the company's bank to bolster the cash position, as needed: Required: 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 sectiontsiny borrowing that will be needed during the montik? 3. Prepare a cash budget for December. Indicate in the financing section anv borrowing that will be nended during the month