Russ Company has $12,500 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the budget data.) Assume Russ has cash payments for selling and administrative expenses including salaries of $32,000 plus commissions of 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $9,000. Prepare a cash budget for January and February. Will Russ need to borrow cash by the end of February? Begin by preparing the cash budget for January, then prepare the cash budget for February. (Complete all input fields. Enter a "0" for any zero balances.) Russ Company Cash Budget Two Months Ended January 31 and February 28 - X January Data Table Beginning cash balance 12500 Cash receipts January Cash available February Sales $ 1,330,000 $ 680,000 Cash payments 851,770 871,900 Purchases of merchandise inventory Cash receipts from customers Cash payments for merchandise inventory 561,900 532,578 Selling and administrative expenses Total cash payments Ending cash balance before financing Done Minimum cash balance desired Print Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance