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The controller of Concord Company wants to improve the company's control system by preparing a month$-$by$-$month cash budget. The

following information is for the month ending July $31,2022.$

June $30,2022,$ cash balance

Dividends to be declared on July ${15}^{**}$

Cash expenditures to be paid in July for operating expenses

Amortization expense in July

Cash collections to be received in July

Merchandise purchases to be paid in cash in July

Equipment to be purchased for cash in July

$$38,700$

$10,320$

$35,088$

$3,870$

$77,400$

$48,332$

$17,200$

"Dividends are payable $30$ days after declaration to shareholders of record on the declaration date.

Concord Company wants to keep a minimum cash balance of $$21,500.$

$($a$)$

Prepare a cash budget for the month ended July $31,2022,$ and indicate how much money, if any, Concord Company will need to

borrow to meet its minimum cash requirement.