Exercise 24-16 a The controller of Trenshaw Company wants to improve the company's control system by preparing a month by month cash budget. The following informaton s for tho month end g uly 31 20 une 30, 2020, cash balance Dividends to be declared on July 15 Cash expenditures to be paid in July for operating expenses37,500 Amortization expense in July Cash collections to be received in Juhy Merchandise purchases to be paid in cash in July Equipment to be purchased for cash in July $43,800 14,800 4,400 83,800 55,800 20,200 Dividends are payable 30 days after declaration to shareholders of record on the declaration date. Trenshaw Company wants to keep a minimum cash balance of $25,700. Ca) Prepare a cash budget for the month ended July 31, 2020, and indicate how much money, if any, Trenshaw Company will need to borrow to meet its minimum cash requirement TRENSHAW COMPANY Cash Budget