Hudak Company requires a minimum cash balance of S4,000. 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 om the previous month's principal balance is paid on the first o the month at 8% per year. The company has already completed the budgeting process or the first quarter or cash receipts and cash payments or all expenses except interest (click the icon to view the completed budget information.) Hudak 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 dollar Cash Budget For the Three Months Ended March 31 January February March Total 12,000 89,000 101000 4000 4000 Beginning cash balance Cash receipts Cash available Cash payments: 4,000 18,500 22,500 28,500 42,000 All expenses except interest 40,000 34,000 31,000 105,000 Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: 40,000 (4,000) (4,000) (4,000) (4,000) Borrowing Principal repayments Total effects of financing