Motors Corporation 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 preliminary 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. Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loan activity) follow. Cash receipts Cash payments July August September $ 87,000 $ 113,000 $ 152,000 101,900 115,000 129,400 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.) Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan activity Loan balance, beginning of Month Additional loan (loan repayment) Loan balance, end of month MOTORS CORPORATION Cash Budget July August September $ 36,000 $30,000 $ 30,000 87,000 113,000 152,000 123,000 143,000 182,000 2 0 0 122,998 143,000 182,000 $122,998 $ 143,000 $ $ 0 $ 182,000 $ 0 $ 0 $ 0