You have been hired by Ashton Corporation, a retaler, to assist in preparing the annual cash budget. The following information is availeble regarding the quarterly budgeted cash flows: Total canh receipta Total cash diabursenents lst Quarter 2nd Quarterrd Quarter th quarter $ 290, 000 S 410,000 $351,000 321,000 $340,000 $311,000 360,000 331,000 The company's beginning cash balance for the upcoming fiscal year will be $47,o00. 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: Prepere 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 Tet Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance Total cash recnipts Total cash available Total cash disbursements Excens (deficiency) of cash available over disbursements Financing Borrowings Repayments Intorest Total financing Ending cosh balance