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Karim Corporation requires a minimum S8,OOO cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $8,000 is used to repay loans at month-end. The cash balance on July 1 is S8,400, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow Cash receipts Cash payments July $ 20,ae 28, ae Augu s t $ 26,e 30, e September $ 40,aa 22,aa 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.) KA RIM CORPORATION Cash Budget Ju Beginning cash balance Total cash available ess: Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month s Loan balance 8,400 20,000 28,400 August 8,000 26,000 34, 000 76 76 September 8,000 40,000 48,000