Walter Company has the following information for the month of March: Cash balance, March 1 Collections from customers Paid to suppliers Manufacturing overhead Direct labor Selling and administrative expenses $ 19,020 45,500 24,100 7,900 9,150 6,000 Walter pays wages and other cash expenses in the month incurred. Manufacturing overhead includes $2,100 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $8,800 during March. A Required: 1. Prepare Walter's cash budget for the month of March. Beginning Cash Balance Budgeted Cash Receipts Budgeted Cash Payments Preliminary Cash Balance 2. If the company wants to maintain a minimum balance of $500. How much should the company borrow? Please show your calculation or explain your rationale