The company's beginning cash balance for the upcoming fiscal year will be $24,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments and interest should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance Total cash receipts $ 24,000 $ 10,000 $ 24,000 340,000 460,000 390,000 410,000 1,600,000 Total cash available 364,000 470,000 390,000 410,000 Total cash disbursements 386,000 356,000 Excess (deficiency) of cash available over disbursements (22,000) 114,000 390,000 410,000 Financing: Borrowings 32,000 0 0 Repayments 0 0 0 Interest 0 0 Total financing 32,000 0 0 0 Ending cash balance $ 10,000 $ 114,000 $ 390,000 $ 410,000