Great Skot expects to have cash receipts in June of $532,160. Skots cash disbursements in June are $581,720, including an interest payment on a bond issue of $32,000. If Skot wishes to maintain a cash balance of $40,000, how much will Skot have to borrow if it started the month with a cash balance of $52,000?

$37,560

Surplus of $2,440. Will not have to borrow

$5,560

Surplus of $34,440. Will not have to borrow