Cheyenne Company has budgeted the tollowing information for June: Cash receipts Beginning cash balance Cash payments Desired ending cash balance $ 291,000 10,000 310,000 30,000 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: Multiple Choice $550. O O $390. $350 $296