The following schedule shows the excess of cash receipts over cash disbursements projected for the Zoptic Company for 2021 01 02 03 04 Yen Excess deficiency) of cash available over disbursements $(141,300) $(59,680) $145,789 $60,300 $5,100 The company borrows and repays from an open line of credit in round $100 amounts. Loan related payments are made in periods when cash is available with interest paid on only the portion of any principal being repaid. The current balance (principal plus accrued interest in the line of credit account is $4,264 for the borrowing that occurred in the last quarter of the previous year. The annual interest rate is 16%. A minimum cash reserve of $600 must be maintained each quarter. The opening balance for the year is expected to be $2.300 Required: Prepare a cash budget assuming that the principal and accrued interest in the line of credit from the end of the previous year is paid Immediately, and that interest on borrowing from the first quarter onward is pald at the end of each quarter and principal is repaid when cash is available calculate the interest expense for the annual income statement. Any borrowing will take place at the beginning of a quarter, and any repayments will be made at the end of a quarter. (Do not round Intermediate calculations. Any "Repayments" Interest and Deficiency of cash should be Indicated by a minus slgn.) ZONY Cash For the Year Ended bra 2001 Dator Year Caw balance beginning Exo (deficiency of cash available over disbursements Cash balance before reserve requirement Balance available for repayment required borrowing) Finanong Amount borrowed (beginning of period) Principal repaid Interest paid Total financing (or repayments for the period) available Cash balance after financing - Free cash balance Cash balance, ending Interest expense