Current Artempt in Provess Additional information concerning lvanhoe inc, is as follows. 1 Gross proht is 27 s of sales. 3. Sales are both cash and credit. Cash collections expected in April are: 4. Half of a month's purchases are paid for in the month of purchase and halt in the following month. Cash disbursements apect 5. Cash operating costs are anticipated to be 512.510 for the month of Aprl. 6. Equipment costing 52.510 will be purchased for cach in A pra. 7. The company wishes to maintain a minimum ash balance of $12.570. An open line of credit is available at the bank. Al borrowing is done at the beginning of the month, and all ropymentsare made at the end of the month The interest rate 3. WAntorince corh Budset 5 o. o o o c c 0 o 0 o i: 0 o 0 o 5 5. Cash operating costs are anticipated to be $12,510 for the month of April. 6. Equipment costing $2,510 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $12,570. An open line of credit is available at the borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The in is 15% per year, and interest expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Ivanhoe Inc. must borrow, or can repay, in A that increase cash balance first.)