B Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipta Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 210,000 $360,000 $ 240,000 $ 260,000 $ 281,000 $ 251,000 $ 241,000 $ 261,000 The company's beginning cash balance for the upcoming fiscal year will be $26,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repald. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.) Answer is complete but not entirely correct. Garden Depot Cash Budget 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter Year $ 26,000 $ 10,000$ 62,350 $ 61,350 $ 26,000 210,000 360,000 240,000 260,000 1,070,000 236,000 370,000 302,350 321,350 1,096,000 281,000 (251,000) (241,000) (261,000) (1,034,000) (45,000) 119,000 61,350 60,350 62,000 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance 55,000 (55.000) (1,650) (56,650) $ 62,350 55,000 (55,000) (1,650) (1,650) 60,350 0 55,000 $ 10,000 0 $ 61,350 $ 60,350 $