Part 1 relates to Module 22 I have a template set up on the Part1 BudgetSolution worksheet that you should use to complete the required budgets. You need to use cell references in the development of your budgets. You must use this worksheet to reference the data that is being inputted onto the budgets on the budget worksheet. If you type in any numbers in the solution and/or do not use this worksheet as your data worksheet, I will take off 50% of the total points for this part, since we use Excel so that we can update budgets or do what if analysis without retyping numbers. You should use this worksheet as your data field and only use cell references and formulas in your budgets. Your grade will be based on accuracy of your solution and correct usage of excel. The budget worksheet has formatted budgets for you to complete. The beauty behind excel is that managers can perform what-if analysis just by changing the data, so you do not need to retype the budgets if you have used cell references and formulas throughout. First Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2022. Cash Accounts receivable Inventory Prepaid Insurance Net Fixtures Total Assets Assets $ First Store Balance Sheet March 31, 2022 Liabilities 3,000 25,000 Accounts payable Dividends payable 28,600 Total Liabilities 26,520 4,000 $ 30,520 1,800 24,000 Stockholders' Equity Common Stock $ 15,880 Retained Earnings 36,000 $ 82,400 Total liabilities and Stockholders' equity $ 51,880 82,400