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Royal Industries has budgeted the following information for January Cash Receipts Beginning Cash Balance Cash Payments Desired Ending Cash Cushion $40,000 $10,000 $48.000 $5,000 if there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. All borrowing repayments and interest payments occur on the last day of the month. The interest rate is 1% per month. The amount of interest expense incurred for January is Multiple Choice 520 $30 $50 None of the above