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 $36,000, 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. Cash July August September Receipts $ 87,000 113,000 152,000 Cash Payments $115,000 101,900 129,400 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Answer is not complete. MIKE'S MOTORS CORP. Cash Budget For July, August, and September July August September Beginning cash balance $ 36,000$ 30,000$ 30,000 Cash receipts 87,000 113,000 152,000 Total cash available 123,000 143.000 182,000 Cash payments 115,000 101,900 129,400 Interest expense 0 Preliminary cash balance 8,000 41,100 52,600 Additional loan (loan repayment) Ending cash balance $ 8,000 $ 41.100 $ 52,600 Loan balance Loan balance, Beg. of Month $ 0 $ 0 Additional loan (loan repayment) Loan balance, Month-end $ 0 $ 0 $ 0