The controller of Sheffield Company wants to improve the company's control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2022. $58,500 15,600 53,040 June 30, 2022, cash balance Dividends to be declared on July 15* Cash expenditures to be paid in July for operating expenses Amortization expense in July Cash collections to be received in July Merchandise purchases to be paid in cash in July Equipment to be purchased for cash in July 5,850 117,000 73,060 26,000 *Dividends are payable 30 days after declaration to shareholders of record on the declaration date. Sheffield Company wants to keep a minimum cash balance of $32,500. (a) Prepare a cash budget for the month ended July 31, 2022, and indicate how much money, if any, Sheffield Company will need to borrow to meet its minimum cash requirement. SHEFFIELD COMPANY Cash Budget $