The cash budget for the first three quarters of the HICASH-932 company is given below (000 omitted). The company requires a minimum cash balance of $5,000 to start each quarter. If necessary, the company will borrow money from its bank to maintain this balance. The company will pay no interest in Quarters 1, 2, and 3. It will repay as much of its borrowings as possible as soon as it has more than $5,000 in cash in a given quarter. Suppose the company starts the first quarter with no bank debt. How much total bank debt does the company expect to have at the end of the third quarter? Cash Budget Cash balence, beginning Quarter (000 omitted) 1 2 3 $8 Add collections from customers 129 87 Total cash avalable 2 ? Less disbursements: Purchase of inventory 55 64 65 Selling and administrative 39 45 52 expenses Equipment purchases 9 10 11 Dividends 2 2 2 Total disbursements 2 7 7 Excess (deficiency) of cash available > ? over disbursements Financing: Borrowings 7 Repayments Total financing Cash balence, ending Multiple Choice $49,000 O O O O $8,000 $14,000 $43,000