The following budget estimates have been prepared by Graduate Company 2. Cash Payments $150,000 $145,000 $145,480 Cash Receipts $180,000 $110,300 $150,000 Month May June uly Graduate Co wants to keep a minimum balance of $40,000 in the cash account. Any excess cash is invested in a money market account earning 9% compounded monthly. Interest received is reinvested in the money market account. Any cash deficiencies are covered by a withdrawal from the money market account. If additional cash is needed, the company has a line of credit at 12% interest with the local bank. Interest is paid monthly Assume a cash balance at May 1 of $40,000, a money market account balance of S0, and a line of credit balance of $0 Prepare a cash budget for May, June and July. a