Return to qu Royal Industries has budgeted the following information for January: Cash Receipts $40, 500 Beginning Cash Balance $15, 090 Cash Payments $49, 500 Desired Ending Cash Cushion $10, 090 If there is a cash shortage, the company borrows money. If a surplus occurs, funds are used to repay loans or to invest in short-term assets. All borrowing. repayments, and interest payments occur on the last day of the month. The company had no debt before January 1. The interest rate is 2.00% per month. The amount of interest expense incurred for January is