Mike's Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end If necessary, the company borrows to meet this requirement, at a cost of 2% interest per month (paid at the end of each month). Any cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1 is $32,000, and the company has no outstanding loans at that time Forecasted cash receipts and forecasted cash payments (other than for loan activity) are as follows. July August September Cash Receipts $ 83,000 109,000 148,000 Cash Payments $111,000 97,900 125,400 Prepare a cash budget for July, August, and September (Negative balonces and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) MIKE'S MOTORS CORP. Cash Budget For July, August, and September July August September Beginning cash balance $ 32,000 5 30,000 $ 30,000 Cash receipts 83,000 109,000 148.000 Total cash available 115,000 139,000 178,000 Cash payments 111,000 97.900 125,400 interest expense Preliminary cash balance 4,000 41,100 52,600 Additional loan (loan repayment) Ending cash balance $ 4,000 $ 41,100 $ 52.600 Loan balance Loan balance, Beg of Month $ 0 $ 0 Additional loan (loan repayment) Loan balance, Month-end $ 05 0 $