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?A company requires a minimum $ 1 0 , 4 8 0 ?cash balance at each month - end. If necessary, a loan is taken

?A company requires a minimum $10,480 ?cash balance at each month-end. If necessary, a loan is taken to meet this requirement at a cost of 1% ?interest per month (paid at the end of each month). ?Any preliminary cash balance above $10,480 ?is used to repay loans at month-end. The cash balance on March 1 ?is $10,800, ?and the company has no outstanding loans. Budgeted cash receipts from sales are: March, $24,400; April, $32,080; and May, $40,200. ?Budgeted cash payments (excluding loan or interest payments) ?are: March, $28,400; April, $30,040; and May, $32,080.
Required:
Prepare a cash budget for March, April, and May.
Note: Negative balances and Loan repayment amounts (if any) ?should be indicated with minus sign. Round your final answers to the nearest whole dollar.

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