Karim Corporation requires a minimum $8,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $8,000 is used to repay loans at month-end. The cash balance on July 1 is $8,400, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments July $20,000 28,000 August $ 26,000 30,000 September $ 40,000 22,000 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.) Beginning cash balance Add: Cash receipts KARIM CORPORATION Cash Budget July August September $ 8,400 $ 8,000 $ 8,000 20,000 26,000 40,000 28,400 34,000 48,000 Total cash available Less: Cash payments for Interest on loan 0 76 117 All items excluding interest Total cash payments 0 76 117 Preliminary cash balance Loan activity Additional loan (loan repayment) 7,600 4,076 Ending cash balance Loan balance Loan balance- Beginning of month Additional loan (loan repayment) Loan balance- End of month $ $ 11,676 7,600 $ 11,676 $