This problem continues the Daniels Consulting situation from Problem P21-63 of Chapter 21. Assume Daniels Consulting began January with $12,000 cash. Management forecasts that cash receipts from credit customers will be $52,000 in January and $55,000 in February. Projected cash payments include equipment purchases ($16,000 in January and $40,400 in February) and selling and administrative expenses ($6,000 each month).Danielss bank requires a $23,000 minimum balance in the firms checking account. At the end of any month when the account balance falls below $23,000, the bank automatically extends credit to the firm in multiples of $5,000. Daniels borrows as little as possible and pays back loans each month in $1,000 increments, plus 12% interest on the entire unpaid principal. The first payment occurs one month after the loan.Requirements1. Prepare Daniels Consultings cash budget for January and February 2018.2. How much cash will Daniels borrow in February if cash receipts from customers that month total $30,000 instead of $55,000?