Laurey Inc. is working on its cash budget for May. The budgeted beginning cash balance is $36,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $111,000. The desired ending cash balance is $53,500. To attain its desired ending cash balance for May, the company needs to borrow:

$95,500

$0

$53,500

$11,500