Karim Corp. requires a minimum $8,400 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 $8.800, 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 $24,400 28,600 August September $32,400 $ 40,400 30,480 32,400 Prepare a cash budget for July, August, and September. (Negative balances and Loon 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 S 8,800 September Beginning cash balance 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