Hipster 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 15% 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. Hipster Company Cash Budget For the Three Months Ended March 31 January February March Total Beginning cash balance $ 4,600 22,000 Cash receipts 28,500 45,000 95,500 Cash available 26,600 Cash payments: All expenses except interest 34,000 35,000 37,000 106,000 0 Interest expense 34,000 Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) (4,600) (4,600) (4,600) (4,600) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Hipster does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hipster Company. Round interest expense to the nearest whole dollar. Begin by preparing the cash budget for January, then prepare the cash budget for February and March. Finally, prepare the totals for the quarter. (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency and/or negative effects of financing with a minus sign or parentheses.) Hipster Company Cash Budget For the Three Months Ended March 31 January February March Total Beginning cash balance $ 4600 4,600 22,000 Cash receipts 28,500 45,000 95,500 Cash available 26,600 33100 Cash payments: All expenses except interest 34,000 35,000 37,000 106,000 0 Interest expense 34,000 Total cash payments Ending cash balance before financing (4,600)| (4,600) Minimum cash balance desired (4,600) (4,600) (4,600) (4,600) Minimum cash balance desired (4,600) (4,600) Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance