You are provided with the following information taken from Sage Hill Inc.'s March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 12,500 22,380 37.480 123,300 23,270 154,200 12,390 Additional information concerning Sage Hill Inc. is as follows 1. Gross profit is 26% of sales. 2 Actual and budgeted sales data: March (actual) April (budgeted) $47,100 72,800 3 Sales are both cash and credit. Cash collections expected in Aprilare: March $18,840 (40% of $47,100) April 43,680 (60% of $72,800) $62,520 disbursements expected in Apu 4 Half of a month's purchases are paid for in the month of purchase and half in the following month Purchases March $23,270 Purchases April 28,230 $51,500 5. Cash operating costs are anticipated to be $12,320 for the month of April. 6. Equipment costing $2,870 will be purchased for cash in April 7. The company wishes to maintain a minimum cash balance of $12,410. 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 month. 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 Sage Hill Inc. must borrow, or can repay, in April. SAGE HILL INC. Cash Budget April 30, 2022 April cash purchases 12500 Textbook and Media Save for Later