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 3rd Quarter 4th Quarter $240,000 $390,000 $270,000 $290,000 $302,000 $272,000 $262,000 $282,000 The company's beginning cash balance for the upcoming fiscal year will be $32,000. 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: Complete the company's cash budget for the upcoming fiscal year. (Cash deficiency, repayments, and interest, should be indicated by a minus sign.) X Answer is complete but not entirely correct. Garden Depot Cash Budget 1st 2nd Quarter Quarter 3rd Quarter Year Beginning cash balance $ 32,000 $ 10,000 $ 93,020 $ 35,000 4th Quarter $ 101,020 290,000 391,020 282,000 Total cash receipts Total cash available 240,000 272,000 302,000 (30,000) 390,000 400,000 272,000 128,000 270,000 363,020 262,000 101,020 1,190,000 1,225,000 1,118,000 107,000 Less total cash disbursements Excess of cash available over disbursements 109,020 Financing: Borrowings Repayments 33,000 X 33,000 (33,000) (1,980) (1,980) Interest Total financing 33,000 (33,000) (1,980) X (34,980) 0 $ $ 93,020 101,020 0 Ending cash balance $ 3,000 $ 109,020 $ 105,020