Lois Bragg owns a popular restaurant in Bowling Green, Ms. Bragg provided her accountant (ie an excellent/current Acct 2220 student that would be you) with the following summary information regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $57,000. Budgeted cash and credit sales for June are $144,000 and $596,000, respectively, Credit sales are made through Visa and MasterCard and are collected rapidly. Seventy five percent of credit sales is collected in the month of sale, and the remainder is collected in the following month. Ms. Brogg's suppliers do not extend credit. Consequently, she pays suppliers on the last day of the month Cash payments for June are expected to be $716,000. Ms. Bragg has a line of credit that enables the restaurant to borrow funds on demand, however, they must be borrowed on the last day of the month. Interest is paid in cash also on the last day of the month. Ms. Brogg desires to maintain a $39.000 cash balance before the interest payment. Her annual Interest rate is 12 percent Required a. Compute the amount of funds Ms. Bragg needs to borrow for June by. Determine the amount of Interest expense the restaurant will report on the June. Rro formo income statement c. What amount will the restaurant report os interest expense on the July pro formo income statement? (Round your answers to 2 decimal places.) a Amount to be borrowed Interest expense (June) Interest expense (July)