You have been hired by Ashton Corporation, a retailer, to assist in preparing the annual cash budget. The following information is available regarding the quarterly budgeted cash flows: ist Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts $ 280, 000 $ 430, 000 $ 310, 000 $ 330, 000 Total cash disbursements $ 330, 000 $ 300, 000 $ 290, 000 $ 310 , 000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that Interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. (Cash deficiency, repayments and Interest should be Indicated by a minus sign.) Ashton Corporation Cash Budget 4th 1st Quarter 2nd Quarter 3rd Year Quarter Quarter Beginning cash balance Total cash receipts Total cash available 0 0 0 o Total cash disbursements Excess (deficiency) of cash available over disbursements 0 0 Financing: Borrowings Repayments Interest 0 0 0 o Total financing o $ o $ o $ Ending cash. balance $