3. Treeforms Outfitters is a retailer that is preparing its budget for the first and second quarters of the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1 st $ Quarter 2nd Quarter Total cash receipt 600,000 $700,000 Total cash disbursements 750,000 $520,000 $ The company's beginning cash balance for the upcoming fiscal year will be $25,000. The company requires a minimum cash balance of $25,000 and may borrow any amount needed from a local bank at a quarterly simple interest rate of 5%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. Required: Prepare the company's cash budget for the first and second quarters of the upcoming fiscal year (Non-anonymous