A company requires a minimum $10,000 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 $10,000 is used to repay loans at month-end. The cash balance on March 1 is $10,400, and the company has no outstanding loans. Budgeted cash receipts from sales are: March, $24,000; April, $32,000; and May, $40,000. Budgeted cash payments (excluding loan or interest payments) are: March, $28,000; April, $30,000; and May, $32,000.

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.