Garden Depot is a retailer that provided the following budgeted cash flows for next year:

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Total cash receipts $ 220,000 $ 370,000 $ 250,000 $ 270,000

Total cash disbursements $ 288,000 $ 258,000 $ 248,000 $ 268,000

The companys beginning cash balance for next year will be $28,000. The company requires a minimum cash balance of $10,000 and may borrow money at the beginning of any quarter and may repay any part of its loans at the end of any quarter. Interest payments, based on a quarterly interest rate of 3%, are due on any principal at the time it is repaid. For simplicity, assume interest is not compounded.

Required: Prepare the companys cash budget for next year.

Note: Repayments, interest, and cash deficiencies should be indicated by a minus sign.