Hex Company requires a minimum cash balance of $4,500. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 9% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest EEB (Click the icon to view the completed budget information.) Hex does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hex Company. Round interest expense to the nearest whole dollar Hex Company Cash Budget For the Three Months Ended March 31 JanuaryFebruary March Total Beginning cash balance Cash receipts Cash available Cash payments: 4,500 21,500 26,000 26,500 40,500 88,500 All expenses except interest 32,000 39,000 38,000 109,000 Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiancy) Financing: 32,000 4.500(4,500 (4,500) 4,500) Borrowing Principal repayments Total effects of financing Ending cash balance