Royal:

Maintains a $16\%$ open line of credit for $$75,000$

Maintains a minimum cash balance of $$30,000$

Borrows on the first day of the month and repays loans on the last day of the month

Pays a cash dividend of $$49,000$ in April

Purchases $$143,700$ of equipment in May and $$48,300$ in June $($both purchases paid in cash$)$

Has an April $1$ cash balance of $$40,000$

Show the cash budget calculation