622-2y Preparing the financial budget-cash budget Use the original schedule of cash receipts completed in Exercise E.22-27, Requirement 1, and the schedule of cash payments completed in Exercise E22-28 to complete a cash budget for Armand Company. Additional information: Armand's beginning cash balance is $3,000, and Armand desires to maintain a minimum ending cash balance of $3,000. Armand borrows cash as needed at the beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 8% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month