The table below contains the summary of the budgeted cash flows for the upcoming year.1st quarter 2nd quarter 3rd quarter 4th quartertotal cash receipts $280,000 $400,000 $330,000 $350,000total cash disbursements $344,000 $314,000 $304,000 $324,000additional information: a minimum cash balance of $10,000 is required. the company may borrow any amount needed from a local bank at a quarterly interest rate of 3%.the company's beginning cash balance for the upcoming fiscal year will be $45,000. the company is permitted to borrow any amount at the beginning of any quarter and is also permitted to 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 (assume that interest is not compounded).required: complete the company's cash budget for the upcoming fiscal year. (cash deficiency, repayments, and interest, should be indicated by a minus sign.)cash budget1st quarter 2nd quarter 3rd quarter 4th quarter yearbeginning cash balance $45,000 $10,000 $65,260 $91,260 $45,000total cash receipts 280,000 400,000 330,000 350,000 1,360,000total cash available 325,000 410,000 395,260 441,260 1,405,000less total cash disbursements 344,000 314,000 304,000 324,000 1,286,000excess (deficiency) of cash available over disbursements (19,000) 96,000 91,260 117,260 119,000financing: borrowings 29,00029,000repayments (29,000) (29,000)interest (1,740) (1,740)total financing 29,000 (30,740) 02 (1,740)ending cash balance $10,000 $65,260 $91,260 $117,260 $117,260explanation: borrowings (at beginnings of quarters): since the deficiency of cash available over disbursements is $19,000, the company must borrow $29,000 to maintain the desired ending cash balance of $10,000.interest: $29,000 × 3% × 2 = $1,740