You are Provided with the following cash receipts from customer's budget, cash payments for purchases budget, and selling and administrative expenses budget for Aquamarine Gulf Co. for the first quarter of the year 2020. -Cash receipts from Customer's budget: Jan. Feb. Mar. Total Cash receipts $18,000 $35,000 $25,000 $78,000 Salaries Sales Commissions -Selling and administrative expenses budget Jan. Feb. Mar. Total 6,000 6,500 6,300 18,800 3,000 3,500 4,000 10,500 Rent -Cash payments for purchases' budget: Maintenance 1,000 1,200 Insurance 100 100 2,500 2,500 2,500 7,500 2,000 4,200 100 300 Jan. Feb. Mar. Total Utilities 200 200 200 600 Cash Depreciation 300 300 300 900 receipts $9,000 $10,000 $30,500 $49,500 Total 13,100 14,300 15,400 42,800 Assuming Aquamarine is planning to purchase new office equipment for $5,000 during Jan.2020. and assuming all cash expenses are paid when incurred except insurance expenses which is an expiration of prepaid. Requirement: Prepare Cash budget assume the company wishes to maintain a minimum cash balance of $ 20,000 at the end of each month. To maintain the minimum cash balance, the company can borrow from the bank in $ 1,000 increments at %6 interest and the company should payback borrowed money when there an excess cash balance. (Cash balance at dec.31 2019 is expected to be $25,000)