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: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 350,000 $ 470,000 $ 400,000 $ 420,000 $ 393,000 $ 363,000 $ 353,000 $ 373,000 The company's beginning cash balance for the upcoming fiscal year will be $20,000. 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.) Year $ 20,000 Ashton Corporation Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Beginning cash balance $ 20,000 $ 10,000 Total cash receipts 350,000 470,000 400,000 420,000 Total cash available 370,000 480,000 400,000 420,000 Total cash disbursements 393,000 363,000 353,000 373,000 Excess (deficiency) of cash available over disbursements (23,000) 117,000 47,000 47,000 Financing Borrowings 0 0 0 Repayments 0 0 0 Interest Total financing 0 0 0 0 Ending cash balance $ (23,000) $ 117,000 $ 47,000 $ 47,000 0 0 0