1) Franke Co. budgeted the following cash receipts and cash disbursements for the first three months of next year. Cash Receipts Cash Disbursements January $525,000 $484,000 February $411,000 $350,000 March $456,000 $520,000 According to a credit agreement with the company's bank, Franke promises to have a minimum cash balance of $20,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at an annual interest rate of 12%, paid on the last day of each month. The company has a cash balance of $20,000 and a loan balance of $40,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year.