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You are a relatively recent hire to Hartz a Company, a focal manutacfurer of plumbing supply products. You have been asked to prepare a condensed statement of cash flows for the months of November and December of the current year for presentation to the. company's management: Assume the casti balance at November 1 will be $76,000 it is the companys policy to maintain a minimum cash balarce of $55.000 at the end of each month. Cash receipts (from cash sales and collection of accounts receivabie) are projected to be $524.000 for November and $455,000 for December. Cash disbursements (sales commissions, odvertising. detivery expense. wages, utilities, etc) priof to financing activity are scheduled to be $445450 in November and $556,000 in Decernber. Short-term borrowing. When needed. is done at the beginnung of the month in increments of $1.000 The annual interest rate on any such loans is estimated to be 12%, Interest on any outstanding short-term loans is paid in cash at the end of the month. Repayments of principal (if any) are assumed to occur at the end of the month As of November 1, the company has a $55.000 long-term loan from the Iocal bank. This loan, including interest (ot 12% per year) for the month of November, is payable ot the end of November. Required: Use the preceding information to prepare the cash budget for November and Decernber (Hime The December 31 cash balance should be $55,410) (Enter financing and interest payments as negative amounts.)