You are provided with the following information taken from Splish Brothers Inc's March 31, 2022, balance sheet. Cash $ 11,640 Accounts receivable 24,150 Inventory 37,140 Property, plant, and equipment, net of depreciation 120,300 Accounts payable 22,800 Common stock 150,900 Retained earnings 12,440 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 24% of sales. 2. Actual and budgeted sales data: March (actual) April (budgeted) $47,900 72,400 3. 4. Sales are both cash and credit. Cash collections expected in April are: March April $19,160 (40% of $47,900) 43,440 $62,600 (60% of $72,400) Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expec Purchases March $22,800 Purchases April 28,480 $51,280 5. Cash operating costs are anticipated to be $11,920 for the month of April. Equipment costing $2,890 will be purchased for cash in April. 6. 569 7. The company wishes to maintain a minimum cash balance of $12,940. 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 13% 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 Splish Brothers Inc. must borrow, or can repay, in April.