Widmer Corp. requires a minimum $10,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on July 1 is $10,000. Cash receipts other than for loans received for July, and August are forecasted as $25,000, and $30,000, respectively. Payments other than for loan or interest payments for the same period are planned at $28,000, and $29,000, respectively at July 1, there are no outstanding loans. Required: Prepare a cash budget for July, and August