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 $ 340,000 $ 460, eee $ 386,000 $ 356, eee 3rd Quarter 4th Quarter $ 390,000 $ 410, eee $ 346,800 $ 366, eee 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 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 Ist 2nd 3rd 4th Year Quarter Quarter Quarter Quarter $ $ 24,000 10,000 185.680 229,680 X S 24,000 340,000 460,000 390,000 410,000 1,600,000 364,000 470,000 575 680 639,680 1,824,000 386,000 356.000 346.000 366,000 1,454,000 (22.000) 114.000 229,680 273.680 170,000 >> Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess of cash available over disbursements Financing Borrowings Repayments Interest Total financing 32,000 0 0 32.000 32.000 3,840 % 35.840 X 71,680 0 0 0 0 0 0 0 0 S 273,680 32,000 (32,000) 0 (71.680) Ending cash balance $ 10.000 $ 185,680 $ 98,320 X 229,680