The following is Howell Company's estimated cash flows for the third quarter: Cash receipts Cash disbursements August SeptemberOctoberQuarter $900,000$1,000,000$1,300,000$3,200,000 1,100,000 1,000,0001,000,000 3,100,000 Howell starts the year with $100,000 in cash and has a requirement of a minimum cash balance of $25,000. Howell may borrow any amount from a local financial institution at an annual interest rate of 3%- The borrowing must occur at the beginning of any month and all repayments must be made at the end of any month. Interest must be repaid at the time of loan repayment. Required: Prepare the company's cash budget for the upcoming year. Use good form! Note that there is a similar problem in the Tony Bell's folder in the Week 6 Media Links folder