Karim Corporation requires a minimum $8,400 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 $8,400 is used to repay loans at month-end. The cash balance on July 1 is $8,800, 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. Prepare a cash budget for July, August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ KARIM CORPORATION } \\ \hline \multicolumn{5}{|c|}{ Cash Budget } \\ \hline & \multicolumn{2}{|c|}{ July } & \multirow[t]{2}{*}{ August } & \multirow[t]{2}{*}{ September } \\ \hline Beginning cash balance & $ & 8,800 & & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Total cash available } \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Total cash payments } \\ \hline \multicolumn{5}{|l|}{ Preliminary cash balance } \\ \hline \multicolumn{5}{|l|}{ Loan activity } \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Ending cash balance } \\ \hline \multicolumn{5}{|c|}{ Loan balance } \\ \hline Loan balance - Beginning of month & $ & 0 & & \\ \hline \multicolumn{5}{|l|}{ Additional loan (loan repayment) } \\ \hline Loan balance - End of month & & & & \\ \hline \end{tabular}