A company has a cash balance on June 1 of $9,520 and has no outstanding loans. The company requires a minimum $8,120 cash balance at each month-end. Loans taken to keep this minimum balance require payment of 1% interest at each month-end. Any preliminary cash balance of more than $8,120 at month-end is used to repay loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for interest or loan payments) follow. Cash receipts (other than for loans received) Cash payments (other than for interest or loan payments) Prepare a cash budget for June, July, and August. June $ 26,200 30,700 July $ 34,200 32,200 August $ 42,200 34,200 Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round final answers to the nearest whole dollar. Beginning cash balance Add: Cash receipts Total cash available Add: Cash payments for Interest on loan Cash payments Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance, Beginning of month Additional loan (loan repayment) Loan balance, End of month Cash Budget June July August $ 9,520 $ 8,120 $ 8,120 26,200 32,200 34,200 35,720 40,320 42,320 0 14 30,700 32,214 30,700 32,228 0 $ 5,020 $ 8,092 3,100 28 $ 8,120 $ 8,120 Loan balance $ 0 $ 0 28 $ 0