Northeast Auto Parts's bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Northeast Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,500, plus 5% APR interest on the entire unpaid principal. The first payment occurs three months after the loan. Northeast Auto Parts, a family-owned auto parts store, began January with $10,500 cash. Management forecasts that collections from credit customers will be $11,200 in January and $15,400 in February. The store is scheduled to receive $5,000 cash on a business note receivable in January. Projected cash payments include inventory purchases ($12,100 in January and $14,500 in February) and selling and administrative expenses ($3,100 each month). (Click the icon to view additional information about Northeast Auto Parts.) Read the requirements. Requirement 1. Prepare Northeast Auto Parts's cash budget for January and February. Prepare the cash budget by entering in the labels, then enter in the amounts for January first and February next. (Complete all answer boxes. For entries with a $0 balance, make sure to enter "0" in the appropriate cell. Use parentheses or a minus sign when entering a deficiency.) Northeast Auto Parts Cash Budget January and February January February Beginning cash balance 10500 Cash receipts from customers 11200 15400 Cash receipt on note receivable 5000 Cash available 26700 15400 Cash payments: Purchases of inventory 12100 14500 Selling and administrative expenses 3100 3100 15200 17600 Total cash payments Ending cash balance before financing 11500 2200 Less: Minimum cash balance desired Projected cash excess (deficiency) Total effects of financing Cash payments: Purchases of inventory 12100 14500 Selling and administrative expenses 3100 3100 15200 17600 Total cash payments Ending cash balance before financing 11500 2200 Less: Minimum cash balance desired Projected cash excess (deficiency) Total effects of financing Requirement 2. How much cash will Northeast Auto Parts borrow in February if collections from customers that month total $14,400 instead of $15,400? If cash collections in February are $14,400 instead of $15,400, the company will borrow $