Motors Corporation manufactures motors for dirt bikes. the company requires a minimum $30,000 cash balance at each month-end. II necessary, the company borrows to meet this requirement at a cost of 3% 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 $41,000, 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 $92,000 120,000 August $118,000 106,900 September $157,000 134,400 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.) MOTORS CORPORATION Cash Budget 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 July August September $ 41,000 30,000 $ 30,000 92,000 118,000 157,000 133,000 148,000 187,000 0 0 0 133,000 148,000 187,000 $ 133,000 $ 148,000 $ 187,000 $ 0 $ 0 $ 0 $ 0 S 0