Problem 7-07A You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,100 Accounts receivable 20,660 Inventory 36,530 Property, plant, and equipment, net of depreciation 121,100 Accounts payable 22,810 Common stock 152,200 Retained earnings 11,690 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 27% of sales. 1. Actual and budgeted sales data: March (actual) 2. $47,400 April (budgeted) 71,600 Sales are both cash and credit. Cash collections expected in April are: 3. March $18,960 (40% of $47,400) April (60% of $71,600) 42,960 $61,920 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: 4. Purchases March $22,810 Purchases April 28,780 $51,590 Cash operating costs are anticipated to be $12,500 for the month of April 5. 6. Equipment costing $2,690 willl be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,920. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 15% per year, and interest expense is accrued at the end of the month and paid in the following month 7. Prepare a cash budget for the month of April. Determine how much cash Larkspur, Inc. must borrow, or can repay, in April LARKSPUR, INC Cash Budget Open Show Work Click if you would like to Show Work for this