Hip Company requires a minimum cash balance of $3,400. 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 14% 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. (Click the icon to view the completed budget information.) Hip does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hip Company. Round interest expense to the nearest whole dollar. effects of financing with a minus sign or parentheses, de the cash budget for February and March. Finally prepare the totals for the quarter. (Complete all input fields. Enter a "O" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency and/or negative OX Hip Company Data table Cash Budget For the Three Months Ended March 31 Hip Company January February March Total Cash Budget Beginning cash balance $ 3,400 3400 3400 3400 20,500 Cash receipts 27,500 42,500 For the Three Months Ended March 31 90,500 February January March Total Cash available 23,900 30900 45900 93900 Cash payments: Beginning cash balance $ 3,400 20,500 27,500 42.500 90,500 Al expenses except interest 31,000 Cash receipts 38.000 33,000 102.000 0 Interest expense Cash available 23,900 Total cash payments 31,000 Cash payments: Ending cash balance before financing All expenses except interest 31,000 38,000 33,000 102.000 (3.400) Minimum cash balance desired (3.400) (3,400) 0 (3,400 Interest expense Projected cash excess (deficiency) 31,000 Total cash payments Financing Ending cash balance before financing Borrowing (3,400) (3,400) Minimum cash balance desired (3,4003 (3,400 Principal repayments Projected cash excess (deficiency) Total effects of financing Financing Ending cash balance Borrowing Principal repayments Total effects of financing Ending cash balance