Karim Corp. requires a minimum $8,400 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $8,800 and the company has no outstanding loans. Forecaste cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interes payments) follow Cash receipts Cash disbursements $24,400 $32,400 40,400 30,400 28,600 32,400 Prepare a cash budget for July, August, and September. (Rounding your final answers to the nearest whole dollar. Negative balance and Loan repayment amount should be indicated with minus sign.) KARIM CORP Cash Budget For July, August, and September July August September Beginning cash balance Cash receipts Total cash available Preliminary cash balance Ending cash balance Loan balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance- End of month