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 $ 280,000 2nd Quarter $ 430,000 $ 330,000 $ 300,000 3rd Quarter $310,000 $ 290,000 4th Quarter $ 330,000 $ 310,000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. 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.) Answer is complete but not entirely correct. Garden Depot Cash Budget 1st Quarter 4th Quarter $ 138,800 Beginning cash balance Total cash receipts $ 40,000 2nd Quarter $ 10,000 3rd Quarter $ 118,800 Year $ 40,000 280,000 430,000 310,000 330,000 1,350,000 Total cash available 320,000 440,000 428,800 468,800 1,657,600 Total cash disbursements 330,000 300,000 290,000 310,000 1,230,000 Excess (deficiency) of cash available over disbursements (10,000) 140,000 138,800 158,800 427,600 Financing: 20,000 Borrowings (20,000) Repayments (1,200) Interesti Total financing Ending cash balance 20,000 (21,200) 0 $ 10,000 $ 118,800 $ 138,800 $158,800 20,000 (20,000) (1,200) 0 (1.200) $ 158,800