Webster Corporation is preparing its cash budget for April. The March 31 cash balance is $35,400. Cash receipts are expected to be $631,000 and cash payments for purchases are expected to be $598,500. Other cash expenses expected are $26,000 selling and $32,500 general and administrative. The company desires a minimum cash balance at the end of each month of $20,000. If necessary, the company borrows enough cash to meet the minimum using a short-term note. Webster's preliminary cash balance before loan activity for April is expected to be: $67,900. $9,400. $10.600. ($26,000. $20,000. On November 12, Higgins, Inc., a U.S. Company, sold merchandise on credit to Kagome of Japan at a price of 1,620,000 yen. The exchange rate was $.00849 per yen on the date of sale. On December 31, when Higgins prepared its financial statements, the exchange rate was $.00855. Kagome paid in full on January 12, when the exchange rate was $.00873. On December 31, Higgins should prepare the following journal entry: Debit Accounts Receivable-Kagome $97; credit Foreign Exchange Gain $97. O Debit Foreign Exchange Loss $97; Accounts Receivable-Kagome $97. Debit Sales $97; credit Foreign Exchange Gain $97. No journal entry is required until the amount is collected. Debit Foreign Exchange Loss $97; credit Sales $97