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: To Quarter 2nd Quarter 3rd Quarter 4 th Quarter SMD 000 $480,000 $300,000 $410.000 Tot cash disbursements $386.000 $350,000 $346.000 $365,000 The company's beginning cash balance for the upcoming fiscal year will be $24,000. The company requires a minimum cash balance of $10.000 and may borrow any amount needed from a local bank ata quarterly interest rate of N The company may borrow amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of a quarter were 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 Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance $ 24,000 $ 10,000 Total cash receipts 340,000 460,000 390,000 410,000 1,600,000 Total cash available 364,000 470,000 390,000 410,000 1,600,000 Less total cash disbursements 386,000 386,000 Excess (deficiency) of cash available over disbursements (22,000) 470,000 390,000 410,000 1,214,000 Financing: Borrowings Repayments Interest Total financing 0 0 Ending cash balance $ (22,000) $470,000 $ 390,000 $ 410,000 1,214,000