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 $ 200,000 $274,000 $230, 000 $ 234, 000 $ 250, 000 $ 254, 000 Total cash receipts Total cash disbursements $350,000 $244,000 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 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 Quarter 24,000 Year Beginning cash balance S 350,000 1,030,000 Total cash receipts 200,000 230,000 250,000 Total cash available 224,000 350,000 230,000 250,000 1,030,000 234,000 274,000 244,000 Total cash disbursements 254,000 1,006,000 Excess of cash available over disbursements (50,000) 106,000 (4,000) (4,000) 24,000 Financing: Borrowings 0 Repayments Interest 0 0 Total financing 0 0 0 0 106,000 S (4,000) S (4,000)S 24,000 S (50,000) $ Ending cash balance