The following information is drawn from Royal Industries' cash budget: Cash Receipts Beginning Cash Balance Cash Payments Desired Ending Cash Cushion $41,300 $23,000 $52,000 $18,000 If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. The company had no debt before January 1st. The amounted "needed to borrow or the amount available" for repayment of debt in January would be Multiple Choice O $12,300 available. O $5,700 needed. $30,300 available. O $28,700 needed Royal Industries has budgeted the following information for January: Cash Receipts Beginning Cash Balance Cash Payments Desired Ending Cash Cushion $41,300 $ 23,000 $52,000 $18,000 If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. All borrowing, repayments, and interest payments occur on the last day of the month. The company had no debt before January 1st. The interest rate is 2.00% per month. The amount of interest expense incurred for January is: Multiple Choice $3.36. Oo oo O $180 None of the above