Hudak 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 af 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 (Click the icon to view the completed budget information.) Huda does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hudak Company. Round interest expense to the nearest whole dolar. 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 answer boxes. Enter a 'O' for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency andiar negative effects of financing with a minus sign or parentheses.) Hudak Company i Data Table Cash Budget For the Three Months Ended March 31 January February Hudak Company Beginning cash balance $ 3.500||$ 3,500 Cash Budget 19,500 Cash receipts For the Three Months Ended March 31 28,500 February March 23,000 January Cash available Total 32,000 Cash paymente: Beginning cash balance S 3,500 All expenses except interest 30,000 19,500 Cash receipts 28.500 44,000 92.000 35,000 D Cash available 23,000 Total cash payments 30.000 Cash paymente: (7,000) All expenses except interest 30,000 Ending cash balance before financing 35.000 31,000 96,000 0 Minimum cash balance desired (3,500) (3,500) Interest expense Prajected cash excess (deficiency) (10,500 30,000 Total cash payments Financing: Ending cash balance before nancing Borrowing 10.500 Minimum cash balance desired (3,500) (3.500) (3.500) (3,500) Principal repayments D 0 Projected cash excess (deficiency) Tolal effects of financing Financing 10.500 Financing: $ 3,500 || $ 3,500 Borrowing Ending cash balance Principal repayments Tolal effects of financing mereat expense Ending cash balance