Palmer Company has budgeted sales revenues as follows: June July August Credit sales $35,000 $30,000 $28,000 Cash sales Total sales $5 18,000 39,000 3,000 $81,000 $67,000 51,000 Past experience indicates that 60% or the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are June $65,000 July August 21,000 53,000 Other budgeted cash disbursements: (a) selling and administrative expenses of $7,000 each month, (b) dividends of $19,000 will be paid in July, and (c) purchase of a computer in August for $6,000 cash. The company wishes to maintain a minimum cash balance of $10,000 at the end of each month. The company borrows money from the bank at 9% interest, if necessary, to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on uly 1 was $10,000. Assume that borrowed money in this case is for one month