Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter $ 350,000 $ 393,000 $ 470,000 $ 363,000 3rd Quarter $ 400,000 $ 353,000 4th Quarter $ 420,000 $ 373,000 The company's beginning cash balance for the upcoming fiscal year will be $20,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance Total cash receipts $ 20,000 350,000 470,000 400,000 420,000 Total cash available 370,000 470,000 400,000 420,000 1,640,000 1,660,000 Total cash disbursements 393,000 363,000 353,000 373,000 1,482,000 Excess (deficiency) of cash available over disbursements (23,000) 107,000 47,000 47,000 Financing: Borrowings 33,000 0 0 0 33,000 Repayments Interest Total financing 33,000 0 0 0 Ending cash balance $ 10,000 $ 107,000 $ 47,000 $ 47,000