25 Assessment 3: (Algo) Royal Industries has budgeted the following... LO 14-5 Royal Industries has budgeted the following information for January 15 Cash Receipts Beginning Cash Balance Cash Payments Desired Ending Cash Cushion $44,900 $29,800 $53,880 $24.ee If there is a cash shortage, the company borrows money, it a surplus occurs funds are used to repay loans or to invest in short-term assets All borrowing repayments, and interest payments occur on the last day of the month. The company had no debt before January 1l the interest rate is 200 per month. The amount of interest expense Inculted for January is Saved Required information amount of interest expense incurred for January is: 5 Multiple Choice $2.45 ok sces $69 $240. None of the above