3. A company based in Montreal, Quebec has a cash balance of $12,000 as of June 1. During the month they paid $16,000 on account, $13,000 for wages, and $1,000 for other expense items. The company maintains a minimum cash balance of $10,000. Sales for the firm for April, May, and June are $15,000, $22,000, and $18,750, respectively. The company collects 40% of sales in the month of sale, 50% in the following month, and 10% in the second month following the month of sale. What is the cash surplus or deficit as of June 30, relative to the company's required minimum cash balance