Question 8 5 points Save Answer Razan Company has the following information during the month of June 2020: Cash Balance, May 31 $45,000 Dividends paid in June 12,000 Cash paid for operating expenses in June 36,800 Equipment depreciation expense in June 4.500 Patent amortization expense in June 2,000 Cash collections on sales in June 112,500 Merchandise purchases paid in June 86,200 Purchase equipment for cash in June 17,500 Sales commission (50% paid in June) 30,500 Razan Company wants to keep a minimum cash balance of $10,000. Assume that borrowing occurs at the beginning of the month and repayments occur at the end of the month Monthly interest of 1% is paid in cash at the end of each month when debt is outstanding. Borrowing and repayments are carried out in multiples of $1,000. Required: Prepare a cash budget for June