Windsor Corporation expects the following cash receipts and disbursements during the first quarter of 2016 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2016):

The expected cash balance at January 1, 2016, is \($75,000.\) Windsor wants to maintain a cash balance at the end of each month of at least \($60,000.\) Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of \($1,000)\) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month.
Prepare a cash budget for the quarter ended March 31, 2016.

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January February March Cash receipts.... $430,000 $440,000 $400,000 Cash disbursements 390,000 520,000 420,000