Hoppy Company requires a minimum cash balance of $3,500. 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 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.) Hoppy does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hoppy 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.) March Total 42,000 88,500 Cash Budget For the Three Months Ended March 31 January February Beginning cash balance $ 3,500 Cash receipts 19,000 27,500 Cash available 22,500 Cash payments: All expenses except interest 34,000 35,000 0 Interest expense Total cash payments 34,000 Ending cash balance before fiOnancing 39,000 108,000 (3,500) (3,500) (3,500) (3,500 Ending cash balance before fiOnancing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance