You are provided with the following information taken from Metlock, Inc.s March 31, 2017, balance sheet.

You are provided with the following information taken from Metlock, Inc.'s March 31, 2017, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 11,630 22,600 37,120 122,700 22,540 153,700 12,390 Additional information concerning Metlock, Inc. is as follows. Gross profit is 27% of sales. Actual and budgeted sales data: March (actual) April (budgeted) 1. 2. $47,000 70,800 Sales are both cash and credit. Cash collections expected in April are: March April 3. $18,800 42,480 $61,280 (40% of $47,000) (60% of $70,800) Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March Purchases April 4. $22,540 28,730 $51,270 5. Cash operating costs are anticipated to be $12,510 for the month of April. 6. Equipment costing $2,510 wil be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,570. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the mon . The interest rate is 15% per year, and interest expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Metlock, Inc. must borrow, or can repay, in April