$ 526,000 March Kayak Company 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 Cash payments January $ 473,900 February 402.000 349,900 470,000 527,000 Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40.000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 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) March KAYAK COMPANY Cash Budget January February $ 40 000 $ 40.000 525.000 402.000 560 000 442,000 470,000 (473 900) (3496 Beginning cash balance Add Cash receipts Total cash available Less Cash payments for Additional loan (loan repayment) All foms oxcluding interest Total cash payments Preliminary cash balance Loan activity (473,900) (349 900) KAYAK COMPANY March Cash Budget January February $ 40,000 $ 40,000 526,000 402,000 566,000 442,000 470,000 (473,900) (349,900) Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Additional loan (loan repayment) All items excluding interest Total cash payments Preliminary cash balance Loan activity (527,000) (473,900) (349,900) (527,000) Ending cash balance Loan balance $ 80,000 $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month