Karim Corp. requires a minimum $10,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $10,400, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments July $26,000 31,000 August $34,000 32,000 September $ 42,000 34,000 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP. Cash Budget For July, August, and September July August September Beginning cash balance $ 10,400 $ 10,000 $ 10,000 Cash receipts 26,000 34,000 42,000 Total cash available 36,400 44,000 52.000 Cash payments (31,000) (32,000) (34,000) Interest on bank loan 0 (46) (20) Preliminary cash balance $ 5,400 s 11,954 $ 17.980 Additional loan (loan repayment) 4,600 1,964 2,636 Ending cash balance $ 10,000 $ 10,000 $ 15,344 Loan balance linan halan