Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of ts budgeted cash flows: Quarter $230,000 $295,000 $380000 $295,000 $265,000 $255,000 $275,000 4th Quarter Total cash receipt Total cash disbursements $260,000 $280,000 The company's beginning borrow any amount needed from a local bank at a quarterly repay its loans, or any part of its loans, at the nterest is not compounded cash balance for the upcoming fiscal year will be $.30.000. The company requires a minimum cash balance of $10,000 and may interest rate of 3% The company may borrow any amount at the beginning of any quarter and may quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that end of any Required Complete the company's cash budget for the upcoming fiscal year. (Cash deficiency, repayments, t and interest, should be indicated by a minus sign.) Garden Depot Cash Budge 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year $ 30,000 230,000 260,000 Beginning cash balance Total cash receipts Total cash available Less total cash disbursements Excess (deficiency) of cash available over disbursements Financing 380,000 260,000 280,000 1,150,000 80,000 260,000 280,000 1,150,000 265,000 255,000 275,000 1,090,000 115,000 (35,000) 5,000 5,000 60,000 Borrowings Repayments Interest 0 Total financing Ending cash balance |$(35000)| s 115,000|$ 5,000| S 5,000 | S 60,000