5 Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year Cash Receipts 518,000 405,500 474,000 payments 459, 300 346,800 526,00 oints January February March eBook Hint Print According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 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 loan for the month. The company repays loan principal with any cash in excess of $30,000 on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1 Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) 5 KAYAK COMPANY Cash Budget For January, February, and March March January February points 30,000 $ 518,000 548,000 459,300 Beginning cash balance Cash receipts Total cash available Cash payments nterest expense Preliminary cash balance Additional loan (loan repayment) Ending cash balance 30,000 405,500 435,500 346,800 474,000 eBook Hint Print 526,000 Loan balance $60,000 Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month