PROBLEM #3 - Cash Budget (10 points) The following budget estimates have been prepared by Clifton Company: Cash Cash Receipts Payments May $120,000 $150,000 June 110,300 150,000 The company likes to maintain a minimum cash balance of $40,000. Any excess cash is invested in a money market account earning 9% compounded monthly. Interest is reinvested in the money market account. Any cash deficiencies are covered by a withdrawal from the money market account additional cash is needed, the company has a line of credit at 12% interest with the local bank. Interest is paid monthly Assume a cash balance on May 1 of $40,000, a money market account balance of So, and a credit line balance of so. Required: Prepare a cash budget for May and June