Saved 4 The following schedule shows the excess of cash receipts over cash disbursements projected for the Coptic Company for 2021 01 Excess (deficiency) of cash 02 Q3 04 Year available over disbursements $(138,300) S(56,680) $142,780 $57,300 $5,100 02:44 The company borrows and repays from an open line of credit in round $100 amounts. Loan related payments are made in periods when cash is available with interest paid on only the portion of any principal being repaid. The current balance (principal plus accrued interest) in the line of credit account is $3.952 for the borrowing that occurred in the last quarter of the previous year. The annual Interest rate is 16%. A minimum cash reserve of $600 must be maintained each quarter. The opening balance for the year is expected to be $2,000 Required: Prepare a cash budget for each quarter and for the year in total and calculate the annual interest expense on the line of credit that would appear on the budgeted income statement for the year 2021 (Any Depayments" and "Interest" should be indicated by a minus sign.) ZOTI AR Required: Prepare a cash budget for each quarter and for the year in total and calculate the annual interest expense on the line of credit that would appear on the budgeted income statement for the year 2021. (Any "Repayments" and "Interest" should be indicated by a minus sign.) ZOPTIC COMPANY Cash Budget For the Year Ended December 31, 2021 Q1 +02 Cash balance, beginning. Excess (deficiency) of cash available over disbursement Cash balance before reserve requirement Q3 04 Year Balance avalable for repayment required borrowing) Financing Amount borrowed (beginning of period) Principal repaid Interest paid Total financing (or repayments for the period) Cash balance after financing - Free cash balance Cash balance, ending