Prepare a cash budget for June.

Donald Company has the following information: Cash Balance, May 31-45,000

Dividends paid in June- 12,000

Cash paid for operating expenses in June-36,800

Equipment depreciation expense in June-4,500

Patent amortization expense in June-2,000

Cash collections on sales in June- 99,000

Merchandise purchases paid in June -56,200

Purchase equipment for cash in June- 17,500 Donald Company wants to keep a minimum cash balance of $10,000. Assume that borrowing occurs at the beginning of the month and repayments occur at the end of the month. Interest of 1% is paid in cash at the end of each month when debt is outstanding. Borrowing and repayments are carried out in multiples of $1,000.