Lois Bragg owns a small restsurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in accounts recelvable as of May 31 is $55,000. 8 udgeted cash and credit sales for June are $148,000 and $588,000, respecthely. Credit saies are made through Visa and MasterCard and are collected rapidly. Seventy five percent of credit sales is collected in the month of sole, and the remainder is collected in the following month. Ms. Bragg'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 $719,000.M. Bragg has a line of credit that enables the restaurant to borrow funds on demand; however, they must be bortowed on the last day of the month. Interest is paid in cash also on the last day of the month. Ms. Bragg desires to maintain a $38,000 casti balance before the interest payment. Her annual interest rate is 8 percent. Required a. Compute the amount of funds Ms Bragh needs to borrow for June. b. Determine the amount of interest expense the restourant will report on the June pro forma income statement. c. What amount will the restaurant report as interest expense on the July pro forma income statement? (Round your answers to 2 decimal ploces.)