Camp Wilkins (CW) is a not-for-profit campground that hosts 1) school-aged campers during the summer months, and 2) not-for-profit board and officer retreats during the other months of the year. CW has been in operation for several years and its fiscal year begins on January 1. You are preparing budgets for the upcoming fiscal year 2021 and expect to start the year with $25,000 cash on hand. On January 1, CW will borrow $1,000,000 at a 3.5% annual interest rate to build new cabins. The cabins: will be built and put into use on April 1, will have a useful life of 10 years, and no salvage value. Both a principal repayment of $100,000 and interest for the year is due on December 31. During the camp season, which runs from June 1 through August 31, CW will host a total of 100 campers. It will charge $7,500 tuition per camper in FY21, which must be paid on June 1. CW: will host 8 board retreats per month when it is not camp season (i.e., during January through May and September through December); expects an average of 15 participants per retreat; and will charge $1,500 in retreat fees per participant