Prepare the company's cash budget for the upcoming fiscal year

Magnum Sofas is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1* Quarter 2nd Quarter 3d Quarter 4: Quarter Total cash receipts 720000 1320000 840000 920000 Total cash 1040000 920000 880000 960000 disbursements The company's beginning cash balance for the upcoming fiscal year will be $80,000. The company requires a minimum cash balance of $40,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 6%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year