Rodriguez Malting Company has received a large order and wants to anticipate the need to go to its bank in order to increase its borrowings. As a result, it needs to forecast its cash requirements for June, July and August. Typically, the company collects 20% of its sales in the month of sales, 70% in the subsequent month, and 10% in the second month after the sale. Puchases of raw materials to produce malt are made in the month prior to the sale and amount to 60% of sales in the subsequent month. However, payments for these purchases occur in the month after the purchase. Labor costs, including overtime, are expected to be $150,000 in June, $200,000 in July, and $160,000 in August. Selling and administrative expenses are expected to be $20,000 per month plus 10% of months sale. They are paid during the month of incurrence. An interest payment of $18,000 will be paid in June. A $10,000 dividend payment will be declared and made in July. A tax payment of $30,000 is due in August. A capital expenditure of $40,000 will be made and paid in June. Rent is $5,000 per month. Depreciation expense per month is $3,000. Actual sales in April and May and projected sales for June, July, August and September are as follows:

April- $500,000

May- $600,000

June-$600,000

July- $1,000,000

August- $650,000

September- $750,000

Company wants to maintain a $15,000 minimum cash balance. Company has a cash balance of $22,000 at the beginning of June. On the basis of this information, prepare a cash budget for the months of June, July and August. Determine the amount of additional bank borrowings during the given period.