The controller of Big River Inc. wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending May 31, 2024: April 30, 2024, cash balance Dividends were declared on April 15* Cash expenditures to be paid in May for operating expenses Depreciation expense Cash collections to be received Merchandise purchases to be paid in cash Equipment to be purchased for cash Big River wishes to maintain a minimum cash balance of $124,000 41,000 82,100 12,400 195,000 120,900 46,100 64,000 "Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: 1. Prepare a cash budget for the month ended May 31, 2024, indicating how much, if anything, Big River will need to borrow to meet its minimum cash requirement. (Leave no cells blank- be certain to enter "O" wherever required.) Big River Inc. Cash Budget for May 31, 2024 Total cash available before current financing Less disbursements Total disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing 2. Supposing the cash management policy at Big River permits borrowing up to $64,000 for the purpose of financial slack, how much will be borrowed? Borrowings 3. This part of the question is not part of your Connect assignment.