Problem 7-8A Pronghorn Corp prepares monthly cash budgets. Here are relevant data from operating budgets for 2017. Sales Purchases January $360,300 121,200 84,500 70,000 79,900 February $400,300 131,200 81,700 73,400 87,900 Salaries Administrative expenses Selling expenses All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred except for administrative expenses, which include $1,200 of depreciation per month. Other data. 1. Collections from customers: January $332,300; February $378,800. 2. Payments for purchases: January $106,200; February $145,000. 3. Other receipts: January: collection of December 31, 2016, notes receivable $17,100; February: proceeds from sale of securities $6,500. 4. Other disbursements: February $12,800 cash dividend. The company's cash balance on January 1, 2017, is expected to be $48,300. The company wants to maintain a minimum cash balance of $55,280. Prepare a cash budget for January and February. (Do not leave any answer field blank. Enter O for amounts.) PRONGHORN CORP Cash Budget For the Two Months Ending February 28, 2017 A January February $ $ Click if you would like to Show Work for this question: Open Show Work