Brewster Corporation expects the following cash receipts and disbursements during the first quarter of 2016 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2016) January February March Cash receipts $300,000 $320,000 $290,000 Cash disbursements 280,000 360,000 300,000 The expected cash balance at January 1, 2016, is $82,000. Brewster wants to maintain a cash balance at the end of each month of at least $80,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016. Brewster CorporationCash Budget for the Quarter EndedMarch 31, 2016 January February March Beginning cash balance