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 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter s 180,000 260,000 s 230,000 240,000 Total cash receipts Total cash disbursement $330,000 $230,000 s 210,000 $ 220,000 The company's beginning cash balance for the upcoming fiscal year will be $20,000. 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.) Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th QuarterYear $ 20,00010,000 110,000 Beginning cash balance Total cash receipts 180,000 330,000 210,000 230,000 950,000 320.000230,000 40,000320 200,000 950,000 Total cash available Total cash disbursements 260,000 230,000 220,000 240,000 950,000 Excess of cash available over disbursements (60,000) 110,00000,000(10,000) Financing 70,000 Borrowings 70,000 Repayments Interest Total financing 70,000 70,000 $ 10,000$110,000 100,000 (10,000)$ 70,000 Ending cash balance