Premium-Inn had the following estimated cash flows for the first quarter:

	January	February	March	Quarter
Cash receipts	800,000	1,000,000	1,300,000	3,100,000
Cash disbursements	1,000,000	1,000,000	1,000,000	3,000,000

The company begins the year with 100,000 in cash and requires a minimum cash balance of 30,000. The company may borrow any amount from a local bank at an annual interest rate of 4%, The borrowing must occur at the beginning of any month and all repayments must be made at the end of any month. Interest must be repaid at the time of loan repayment.

Required:

In good form, prepare the companys cash budget for the upcoming year.