Cheyenne Company has budgeted the following information for June: Cash receipts Beginning cash balance Cash payment Desired ending cash balance $351,000 25,000 400,000 45,000 If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments, and interest is paid monthly at 1% on the first day of the following month. The company had no debt before June 1. The amount of interest paid on July 1 would be