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June Diemans Corp has provided a part of its budget for the 2nd quarter. Apr May Cash collections $40,000 $45,000 $50,000 Cash payments: Purchases 5,500 7,200 4,500 S. &Adm expenses 7,900 5,600 9,000 Additional assets 0 20,000 5,000 Assume the company wishes to maintain a minimum cash balance of $ 50,000 at the end of each month. To maintain the minimum cash balance, the company can borrow from the bank in $ 1000 increments at %10 interest and the company should payback borrowed money when there an excess cash balance. The cash balance on March 31, ist is $12,000. Calculate the cash balance at the end of June. Select one: O $82,600 O $83,700 O $82,200 a $85,700 $21,800