Kindly fill out the missing blanks (explain the interest calculation) and answer question 2.

Thank you

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter $ 180,000 $ 330,000 $ 210,000 $ 230,000 260,000 230,000 220,000 240,000 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 an annual interest rate of 12%. 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. Garden intends to make payments to retire loans whenever cash is available. Required: 1. Prepare the company's cash budget for the upcoming fiscal year. (Any "Repayments" and "Interest" should be indicated by a minus sign.) Answer is not complete. 3rd Quarter 4th Quarter Year GARDEN DEPOT Cash Budget 1st Quarter $ 20,000 180,000 200,000 260,000 (60,000) 2nd Quarter $ 10,000 330,000 340,000 230,000 110,000 210,000 230,000 950,000 220,000 (220,000) 240,000 (240,000) 950,000 (950,000) Cash balance, beginning Total cash receipts Total cash available Deduct: Total cash disbursements Excess deficiency) of cash available over disbursements Financing Borrowings (at beginning) Repayments at ending) Interest Total financing Cash balance, ending 70,000 0 0 (70,000) (1,200) (71,200) 0 0 0 70,000 10,000 $ 2. How does the fourth quarter ending cash balance change if interest on borrowing is accrued until the end of the fourth quarter and total borrowings and interest are paid in full at that time? X Answer is not complete. Ending cash balance at the end of the fourth quarter