2 Homework Kayak Co budgeted the followin g cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash for loan principal and interest payments) for the first three months of next year Cash Recelpts 5518,0e Januery February 5460,400 353,9e0 524,00 460,090 ash balance of $40,000 at each According to a credit agreement with the company's bank, Kayak promises to have a minimum c month-end In return, the bank has agreed that the company can borrow up to $140000 at a monthly interest rate of 1% paid on the last day of each month. The interest is computed based on the beginning balance of the principal with any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40000 and a loan balance of $80.000 at January 1 loan for the month. The company repays loan Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repoyment emounts (if any) shoukd be indicated with minus sign) Cash Budget For January, February, and March JanuaryFebnuary S 40,000 March Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance- Beginning of month80000 Additional loan (loan repayment) Loan balance-End of month Prew 11 of 13 Next > e 9