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In: AccountingTime Remaining 1 hour 5 minutes 30 seconds01:05:30Item 14Item 14Time Remaining 1...Time Remaining 1 hour 5 minutes 30 seconds01:05:30Item 14Item 14Time Remaining 1 hour 5 minutes 30 seconds01:05:30The Arkansas Company makes and sells a product called Product K.Each unit of Product K sells for $42 and has a unit variable costof $20. The company has the following budgeted data forNovember:Sales of $1,332,200, all in cash.A cash balance on November 1 of $67,800.Cash disbursements (other than interest) during November of$1,340,000.A minimum cash balance on November 30 of $98,000.If necessary, the company will borrow cash from a bank. Theborrowing will be in multiples of $1,000 and will bear interest at2% per month. All borrowing will take place at the beginning of themonth. The November interest will be paid in cash duringNovember.The amount of cash needed to be borrowed on November 1 to cover allcash disbursements and to obtain the desired November 30 cashbalance is: (Round up your answer to nearest multiple of$1,000.)