Exercise 22-21 Cash budget P2 Foyert Corp. requires a minimum $30,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $30,000 is used to repay loans at month-end. The cash balance on October 1 is $30,000, and the company has an outstanding loan of $10,000. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. Prepare a cash budget for October, November, and December. Round interest payments to the nearest dollar. Cash receipts Cash payments October November $110,000 $80,000 120,000 75,000 December $100,000 80,000 page 899