Jefferson Company has the following information:

Cash Balance, April 31 $45,000

Dividends paid in May 12,000

Cash paid for operating expenses in May 36,800

Equipment depreciation expense in May 4,500

Patent amortization expense in May 2,000

Cash collections on sales in May 99,000

Merchandise purchases paid in May 56,200

Purchase equipment for cash in May 17,500

Jefferson Company wants to keep a minimum cash balance of $15,000. Assume that borrowing occurs at the beginning of the month and repayments occur at the end of the month. Interest of 1% is paid in cash at the end of each month when debt is outstanding. Borrowing and repayments are carried out in multiples of $1,000.

Prepare a cash budget for May