Lindsey Chocolate, Inc. has prepared its third quarter budget and provided the following data Jul S50,000 Aug 539,700 Sep $46,400 Cash collections Cash payments Purchases of direct materials Operating expenses Capital expenditures 22,100 8,700 24,100 29,000 12.400 13.800 17,800 11,400 The cash balance on June 30 is projected to be $4,100. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of$5,000 and has to pay interest every month at an annual rate of 4% All financing transactions are assumed to take place at the end of the month The loan balance should be repaid in increments of $5.000 whenever there is surplus cash. Calculate the ending projected cash balance before financing for August. O A. $48,600 B. $5,000 O C. $(6,333) O D. $8,667