Kathmandu is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts. $340,000 $670,000 $410,000. $470,000 Total cash disbursements $530,000 $450,000 $430,000 $480,000

Kathmandus beginning cash balance for the upcoming fiscal year will be $65,000. The company requires a minimum cash balance of $30,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. Kathmandu may borrow any amount at the beginning of any quarter and may repay its loans, or part of its loan, at the end of any quarter. Interest payment are due on any principal at the time it is repaid.

Required: Prepare the companys cash budget for the upcoming fiscal year in quarters