Question 27 of 50 -/8 View Polides Current Attempt in Progress The controller of Crane 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 $36,000 9,600 32.640 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 3,600 72.000 44,960 16,000 "Dividends are payable 30 days atter declaration to shareholders of record on the declaration date Crane Company wants to keep a minimum cash balance of $20,000 (a) Prepare a cash budget for the month ended July 31, 2022. and indicate how much money, if any, Crane Company will need to borrow to meetits minimum cash requirement. CRANE COMPANY Cash Budget