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 $ 290,000 $ 440,000 $ 320,000 $ 340,000 $ 337,000 $ 307,000 $ 297,000 $ 317,000 The company's beginning cash balance for the upcoming fiscal year will be $42,000. 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. 3rd Quarter 4th Quarter Year Beginning cash balance Garden Depot Cash Budget - 1st 2nd Quarter Quarter $ 42,000 $ 10,000 290,000 440,000 332,000 450,000 337,000 307,000 (5,000) 143,000 Total cash receipts Total cash available 467776 320,000 | 447,775 290,000 X 157,775 467 777 X $ 42,000 340,000 1,390,000 497,775 1,432,000 317,000 1,251,000 180,775 181,000 Total cash disbursements Excess of cash available over disbursements Financing: Borrowings Repayments 15,000 0 0 15,000 $ 10,000 TU, Interest Total financing 0 (15,000) (225) (15,225) $ 127,775 12, 0 0 0 0 15,000 (15,000) (225) (225) $ 180,775 0 / Ending cash balance 157.775 180.775