Fayette Medical Clinic has budgeted the following cash flows: January FebruaryHarch Cash receipts Cash payments $240,000 232,000 $272,000 For inventory purchases 220,000 62,000 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of each month; the interest rate is 1 percent per month. Repayments may be made in any amount available. Fayette pays its vendors on the last day of the month also. The company had a monthly $80,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. (Any repayments/shortage should be indicated with a minus sign. Round intermediate and final answers to the nearest whole dollar amounts.) $ 16,000$81,200$ 313,200 272,000 585,200 cash balance Add: Cash receipts Cash available Less: Cash payments 240,000 256,000 232,000 313,200 For inventory purchases For S&A expenses Interest expense per month Ending cash balance 220,000 62,000 800 10,000 292,800 Total budgeted payments Payments minus receipts (36,800) 313,200 585,200 Financing Activity Beginning cash balance nding cash balance 118,000 $ 81,200$313,200$ 585,200