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 $ 260,000 $ 316,000 2nd Quarter $ 410,000 $ 286,000 3rd Quarter $ 290,000 $ 276,000 4th Quarter $ 310,000 $ 296,000 The company's beginning cash balance for the upcoming fiscal year will be $36,000. 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 and interest should be indicated by a minus sign.) Garden Depot Cash Budget Beginning cash balance Total cash receipts 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 36,000 $ 10,000 $ 162,200 $ 176,200 Year 260,000 410,000 290,000 310,000 Total cash available 296,000 420,000 452,200 486,200 Total cash disbursements 316,000 286,000 276,000 296,000 Excess (deficiency) of cash available over disbursements (20,000) 134,000 176,200 190,200 Financing: Borrowings Repayments Interest Total financing Ending cash balance $ 0 0 (20,000) $ 134,000 $ 176,200 $ 0 190,200