$4-$ Castor, Inc. is preparing its master budget for the quarter ended June $30.$ Budgeted sales and cash payments for merchandise for the next three months follow: Sales are $\backslash (50\backslash \%\backslash )$ cash and $\backslash (50\backslash \%\backslash )$ on credit. Sales in March were $\backslash (\backslash$$ $24,000\backslash ).$ All credit sales are collected in the month following the sale. The March $31$ balance sheet includes balances of $\backslash (\backslash$$ $12,000\backslash )$ in cash, and $\backslash (\backslash$$ $2,000\backslash )$ in loans payable. A minimum cash balance of $\backslash (\backslash$$ $12,000\backslash )$ is required. Loans are obtained at the end of any month when the preliminary cash balance is below $\backslash (\backslash$$ $12,000\backslash ).$ Interest is $\backslash (1\backslash \%\backslash )$ per month based on the beginning$-$of$-$themonth loan balance and is paid at each month$-$end. If a preliminary cash balance above $\backslash (\backslash$$ $12,000\backslash )$ at monthend exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions $(\backslash (10\backslash \%\backslash )$ of sales$),$ shipping $(\backslash (2\backslash \%\backslash )$ of sales$),$ office salaries $(\backslash (\backslash$$ $5,000\backslash )$ per month$)$ and rent $(\backslash (\backslash$$ $3,000\backslash )$ per month$).$ a$)$ Prepare a schedule of cash receipts from sales for April, May, and June. b$)$ Prepare a cash budget for each of April, May, and June.