4. Cashcow has an arrangement with its bank in which the minimum cash balance in its account is $10,000. If the balance falls below $10,000, a short term loan is automatically arranged. Interest is charged on the loan at a rate of 9% per year, and is calculated monthly and paid in the month after the loan is taken. The opening cash balance for January was $10,000. There was a short term bank loan owing on December 31 of $1,000. The cash receipts budget is complete. Complete the cash payments and cash budget for January to May. Cash Receipts Dec Jan Feb Mar 54,000 68.000 60,000 Cash Payments Materials Wages Lease Rent 22.000 26,000 25.000 31,000 35,000 36,000 900 9001 900 1.500 1.500 1.500 ST Loan Balance $1.000