Hex Company requires a minimum cash balance of $4,600. 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 17% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payrrients for all expenses except interest. (Click the icon to view the completed budget information.) March Total 44,500 90,500 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 0 Data Table For the Three Months Ended March 31 January Hex Company Beginning cash balance 4.600 19,500 Cash receipts Cash Budget For the Three Months Ended March 31 Cash available 24,100 January February Cash payments: Beginning cash balance 4.600 All expenses except interest 37,000 Cash receipts 19,500 28,500 Interest expense 37,000 Cash available Total cash payments 24,100 Cash payments: Ending cash balance before financing All expenses except interest 37,000 33,000 Minimum cash balance desired (4.600) Interest expense Projected cash excess (deficiency) Total cash payments 37,000 Financing Ending cash balance before financing Borrowing Minimum cash balance desired (4,600) (4,600) Principal repayments Projected cash excess deficiency) Total effects of financing Financing: Ending cash balance Borrowing Enter any number in the edit fields and then click Check Answer. Principal repayments parts Total effects of financing remaining Ending cash balance 38,000 108,000 (4,600) 14,600) *